The Senator's last three words were "in the future". She has clearly stated that if we were to implement this measure, it would have no practical effect this year because we all know the banks are in a loss-making situation and that is not likely to change on 31 December 2020. The Senator is aware of the volume of supports available that are affecting people's daily lives. I would like the Department to concentrate on the CRSS, the employment wage subsidy scheme, EWSS, the Covid payments and getting funding from Eu…

The question of carbon tax is one on which many people have many views. The programme for Government is very clear on this matter and we gave a clear commitment on it in advance. During the election earlier this year, people were aware of our party's views on the carbon tax and that it would be increased. To compensate for that, there is an increase in the fuel allowance of €3.50 per week. This will compensate a broad range of lower-income households for the additional energy costs they may incur due to the increas…

I am very clear that on budget day, the Government stated it was targeting those people in receipt of those three particular social protection payments as the three categories that were most identifiable. There are many people who will end up being net payers of carbon tax but who will not get anything back out of it. It generally falls to people in the workforce who are earning income. The Senator is right. We did not collect carbon tax to hand it back out straight away. This is possibly the difference. One does n…

I take the point the Senator is making and it is the same formula of an amendment that we have had previously. People, however, can detect and see for themselves with the level of reporting of this carbon tax, that it is going to be fully scrutinised and that there will not be any shortage of debate, discussion and reports on this issue. As I have already said, the Minister, Deputy Michael McGrath, gave an absolute commitment on budget day that he is looking at ways to give a legislative basis for ring-fencing the …

I accept the spirit of the recommendation but we want to do more than what is recommended in it. I do not want to tie my hands just to producing a report. It would be only half of what is needed. What we would do with that report and the measures we would put in it and introduce are the key issue. We will be getting to that point. A report is step one along a more important process but I accept it is step one and that we need that information. Some of that will be decided at Government level by the three parties in…

There are two similar type sections in the Bill. Section 30 deals with excise duties and this section deals with VAT. Both cover the same issue. This section amends the Value-Added Tax Consolidation Act to align Irish VAT legislation with the provision for the EU VAT directive. The purpose of this is to align with a long-established EU VAT directive. The VAT directive requires member states to apply a zero rate of VAT to certain supplies of goods and services to NATO forces and, with effect from 1 July 2022, to for…

I will explain it. If an Irish company was working on a contract in some country in Europe or on a site under the European Union Common Security and Defence Policy and there were VAT implications, this section deals with that. There is no change to the constitutional provisions relating to armed forces, which effectively prohibit foreign forces being based or maintained in the State. I said excise duties come under section 30 and this section. They are two identical measures. I am linking the two for discussion pur…

I remember this issue well from the Brexit Bill. It relates to the retail export scheme. I want to clarify what has already been said in the Oireachtas. This recommendation calls for a report on the operation of the scheme. I remind Members that the Minister for Foreign Affairs gave a commitment in the Oireachtas on Second Stage of the Brexit Bill that his Department and the Revenue Commissioners will carry out a review of the operation of this scheme in 2021. That commitment was restated by me on Committee Stage. …

We are back to the pandemic unemployment payment and there is a significant difference of opinion on the basic question as to whether it should be taxed. The issue is deeper than getting a report on how it is working out. It would not be physically possible to do a report within a couple of months of the year's end. In an earlier debate, we were asked for a report on how much tax arose a result of the pandemic unemployment payment. It will be well into next year before Revenue has people's financial tax affairs for…

On the issue of the annual cost of these section 110 companies, I am advised by Revenue that while there are figures available on the number of section 110 companies, it is not possible to calculate the amount of tax that would have been paid if a company had not submitted a notification to Revenue that it is a qualifying company for section 110 of the Tax Consolidation Act 1997. This would in any case be an entirely hypothetical estimation and it is unlikely that such transactions would take place here in the abse…

In an effort to be helpful, the Minister and the Department consistently keep the section 110 regime under review and make changes when issues are identified. If Revenue becomes aware of a particular issue, it brings it to the attention of the Department of Finance and changes are made. For example, the Finance Act 2011 made a change in respect of profit participation notes. The 2016 Act made changes to the section 110 regime to ensure profits derived from Irish land and buildings were subject to tax in Ireland. Th…

I move: "That the Bill be now read a Second Time." The Finance (Miscellaneous Provisions) Bill 2020 has three core objectives. First, it amends the Credit Union Act to allow for general meetings, which are prohibited under current health regulations, to proceed; second, it amends the Fiscal Responsibility Act 2012 to increase the number of consecutive terms of office members of the Irish Fiscal Advisory Council may serve from two to three; and third, it amends the Credit Institutions (Stabilisation) Act 2010 to inc…

I thank all the Deputies for their contributions to the Second Stage debate. I acknowledge the work of the credit union movement, which is a volunteer movement. I also thank the directors, the boards of directors and the staff who work in all our credit unions. The point has been well made that they are community-based. Depending on the amount of time I have, I wish to address some of the issues raised. If we have only a few minutes left, I can address them at the beginning of Committee Stage, which will follow on …

I thank the Deputy. To deal with his last point first, there were consultations with the Central Bank. The existing legislation would allow the Central Bank, using its discretion, to defer AGMs until the end of April in any event. However, we believed it necessary for the Oireachtas to decide to put that on a legislative basis. There is provision in the Bill for further extension of the period within which an AGM must be held if the Minister is of the opinion that is necessary. We are having this debate substantial…

I am happy to clarify that. There are two positions here. There is the interim period, which is only for this round of AGMs up to the end of April. It can be extended if the Minister considers it necessary to do so, but it is on the basis that we will get there by the end of April next year. The only power being given to the board of directors is to proceed with an AGM. The issue of proxy votes is specifically covered in section 11. Subsection (1) states: "Subject to subsection (3), a credit union may allow in its …

In December 2017, CUAC did publish a policy paper on alternative means of voting by members. I accept that there is not a widespread view among members of credit unions that they should have proxy voting. Some people have said that it might facilitate a greater attendance at AGMs. We all know credit unions have thousands of members and there might be 70 people or 80 people at an AGM. Sometimes, there can be more, but a tiny percentage of members of credit unions actually attend AGMs currently. We think if we allow …

I thank the Deputies. The section indicates a credit union "may" and I keep referring to that word. We are here to facilitate and help credit unions run their businesses and the conduct of voting at an AGM should be regulated by the credit union's own rules, which vary between credit unions, rather than through legislation. The big change we are making in this legislation is to allow an extra three months for the process, and this requires legislation because a date is specified in legislation already tying it to t…

I thank the Deputy. Everybody is concerned about the integrity of AGMs, including proxies, timing and the secrecy of the ballot. The Deputy will be satisfied to hear that the amendment relating to ballot secrecy is not necessary as the legislation details exactly when secret ballots are required and that the board of directors of a credit union shall be elected, in any case, by secret ballot. We have written into the legislation that the election of the board would be by secret ballot so the amendment is not necess…

We are all supportive of the credit unions and believe they will run their organisations as best they can. That is why we did not want to be overly-prescriptive by limiting proxy voting such that a proxy voter can only act on behalf of one person. I gave the example earlier of an elderly couple who want their son or daughter to represent them both at the AGM. The Deputy is suggesting that one half of the couple can be represented by the family member while the other half will have to call on a neighbour or someone …

I thank the Deputy for proposing this amendment. It is good to tease out the issue. The decision to allow proxy voting is at the discretion of individual credit unions. If a credit union provides for proxy voting, the legislation sets the deadline for depositing an instrument of proxy. This deadline balances the needs of the member, who is an individual, and of the credit union, which has the resources. It would be an unfair burden and restrictive on credit union members if the deadline was further out from the AGM…