I understood that I would be allowed to ask a second supplementary question.

The report published by the OECD last week, which the Minister just mentioned, found that the effective tax rate paid by companies in the State was 12%, which is close to the statutory rate of 12.5%. Some will question the report but this comes at a time when our tax arrangements in this State are under intense scrutiny. Yesterday, the European Commission announced a series of tax proposals to tackle what the Commissioner for Economy described as aggressive taxation. I ask the Minister to respond to these proposals…

The Minister and myself differ on many issues, particularly on aggressive tax planning and loopholes that need to be continually closed and monitored in our own tax code. However, we do agree on the principle of sovereignty and of tax sovereignty in particular. Yesterday, the European Commissioner of the Economy, Paolo Gentiloni, wrote in the Financial Times : we must stand ready to activate all existing policy levers to protect our single market. That includes exploring how to make full use of EU treaty provisions…

Yesterday, Ireland was also fined €2 million for the Government's failure to transpose an anti-money laundering directive on the preferential ownership of shares, which I raised with the Minister a number of years ago. However, that is not the key issue here and there are much more serious ones at play. One of the policies mooted by the Commissioner and the Commission is the triggering of Article 116 for tax policy purposes. That article allows the Commission to move against member states that distort market compet…

We need to get a positive approach, particularly where the State has shareholdings in these banks. The TWSS will have to be extended. This will cause other issues for people who have had no reduction in their income, who are not at any risk of losing their jobs and who have paid a substantial deposit, amounting to thousands of euro, which they are going to lose as a result of the approach that has been taken by a number of the banks. The Minister needs to lay down the law as much as he can at that meeting tomorrow.…

The principle is that we are all in this together. Many, but not all, providers of student accommodation have done the right thing during this pandemic. It is clear that many others have opted out of doing that. The problem is that they are opting in to the supports. Some supports are structured in terms of companies that have people working for them in accommodation, and are being subsidised by up to €410 by taxpayers who are the mothers and fathers of those students that have been shafted by providers. Many provi…

I want to ask about the tax treatment of the temporary wage subsidy scheme, TWSS, the way in which the liability will be calculated for 2020, the way in which it will be collected and the planned tax treatment of the payments in cases in where the liability due exceeds the unused tax credits for 2020. This is a significant worry for workers whose employers are benefitting from the TWSS and who may potentially face paying a lump sum payment at the end of the year or over a short period of time into 2021.

This is one of the issues we addressed when the scheme was introduced. The scheme has been extended and will be extended again. It needs to be extended for affected sectors right out to the end of the year. However, if we take it that it will potentially run for 22 weeks, for those workers and employees who have benefitted to the maximum amount of €410, it is more than €9,000 in untaxed income from which they have benefitted. If it is extended, that figure will go up. There is a huge anxiety here because they do no…

I thank the Minister for taking up that suggestion. The concern in this regard is there is a lack of awareness of what the liability will be for employees in the first instance. It could be substantial, particularly if it is extended. We also know that those benefitting mostly from the TWSS and the PUP are those in low-income sectors. Those hit hardest as a result of the pandemic are in hospitality and tourism, where the average income is quite low. In terms of accommodation and food, for example, their spend is ju…

It is not a cap. It is about ensuring the deductions by Revenue would be spread over a longer period.

The Minister for Finance owns the majority shareholding in AIB and Permanent TSB on behalf of the Irish people and they, and other banks, pulled the wool over his eyes and over those of the Taoiseach. Last week the Taoiseach denied that the minutes were accurate. He has since clarified that point further. When did the Minister for Finance become aware that the banks did not need to charge interest, as they suggested at the meeting of 11 May? What has he done since? How will he ensure that the banks do not profiteer…

Does the Minister mean last Tuesday?

May I come in again? I do not know what words to use to describe that response. The Minister is telling me that he first became aware of the situation when the EBA issued a clarification last week. Deputy Donohoe is the Minister for Finance. I do not know how many aides or advisers he has. He has a full Department at his disposal. The Central Bank published the letter it sent to me on 22 June on its website. I knew before 22 June, however, because of my engagement with the Central Bank. I wrote to the Central Bank …

I am saying the Minister is not doing his job. I am saying he is asleep at the wheel.

There was no revised guidance. The Minister should clarify the record. There was a clarification. On 22 June the Central Bank wrote to me-----

The Minister is completely asleep at the wheel. He has not protected the homeowners, who now have additional debt because the banks have charged interest. He has backed the banks on that.

The tourism and hospitality sector supports around 270,000 jobs across the State. Some 68% of those jobs are outside of Dublin and in many parts of the country it is the principal source of economic activity. The sector supports hundreds of thousands of workers, families and communities. It has been one of the hardest hit sectors as a result of Covid-19 and the facts bear that out. In recent months, approximately 92% of all workers in the accommodation and food sector have received the pandemic unemployment payment…

Later on, Deputy Louise O'Reilly will be launching our proposals that contain all of the measures outlined such as the wage subsidy scheme, the restart grant and rates waivers to support SMEs. The Tánaiste rightly acknowledged that the tourism sector is the worst hit and it will suffer for the longest as a result of Covid-19. No matter what type of supports we put in we must stimulate demand because 10 million overseas tourists are not coming to the country this year and many of them will not be coming next year. I…

Could the Tánaiste answer the question on whether pubs could operate like restaurants but without food? We know that a meal in itself, whether it is €9 or €12, is no defence against Covid-19. Is that a potential solution for the future?

We never said that.