I thank the Senator for bringing up this matter. We have had a discussion on it. I want to clarify one or two issues and respond to the general point made by the Senator. I assume the intention of the Senator's recommendation is to propose consideration of restricting corporation tax loss reliefs for banks to a maximum of 50% of their profits each year. That was the position at the time of the bank crisis but it was amended subsequently - I forget the particular year - to allow them bring 50% of their losses forwar…

It was 100% but it was amended subsequently to allow them bring 50% of their losses forward. I want to explain this section, which is something that is connected but quite different. For the purposes of clarity, I want to note that section 11 does not restrict loss of relief. Rather, it introduces a temporary acceleration of losses relief in respect of 50% of the losses expected to be incurred by companies in accounting periods affected by Covid-19. The balance of the loss will be relieved in due course under the n…

In simple English, it means that in respect of a company that was in profit last year, paid corporation tax on it and is now expecting to have a loss this year, there is provision that it can carry losses forward from one year against its profit next year because business does not operate on a 12-monthly cycle. The business cycle can run for a period of years. In some years businesses can have losses; in others they can have a profit. The taxation system in every country allows a business, not individuals, to do th…

Section 12 sets out to reduce the standard rate of VAT from 23% to 21% on a temporary basis from 1 September. The recommendation seeks a report from the Department within five months after the enactment of the Bill. This effectively means a report will be required by the end of the year. The reduction comes in on 1 September but VAT is mostly paid in a two-monthly cycle in arrears, so the September-October returns would be available only in mid-November 2020, and returns for November and December would not be avail…

I thank the Leas-Cheann Comhairle. It is very straightforward. The people of Ireland elected 160 Deputies to Dáil Éireann some months ago. Every one of us comes in with an equal mandate. Can the democratically elected Members please be allowed to vote?

Go raibh míle maith agat, a Cheann Comhairle. I thank Deputy Dillon for raising this matter. In his contribution, he outlined the importance of the issue of insurance cover during the Covid-19 pandemic and the difficulties people are experiencing with many of the insurance companies upon which we have relied over many decades. This is an issue which is cropping up all over Ireland. He has highlighted some particular issues with regard to the retail sector. What he has said about towns in Mayo is reflected across ev…

I thank Deputy Dillon for coming back with a specific question about the action that has been taken. The programme for Government has highlighted this issue as a key matter to be dealt with by the incoming Government. Already, there has been a meeting involving four senior Cabinet Ministers and the Minister of State, Deputy Troy, and I with representatives of small businesses. We met face to face with Insurance Ireland today, which is the representative body of the insurance companies and we agreed that there will …

I thank the Acting Chairman. We brought this Bill into the Dáil on Tuesday, with the former of State at the Department of Finance, Deputy Chambers, dealing with it. Yesterday was the second day we spent debating it, with thanks to the Minister of State, Deputy O'Donovan. Interestingly, I was one of the Government backbench speakers on this legislation on Tuesday night and here I am responding as the Minister of State 48 hours later. For those who say that a week is a long time in politics, a day can be an even long…

I thank the Acting Chairman. As I said already, on Tuesday evening I was contributing to the Second Stage debate as a Government backbencher. Some 36 hours later I am here. I thank the Members for the goodwill and good wishes that have been expressed in the House today. I really appreciate that. I want to respond as quickly as I can to the various comments. I might not pick up on everything, but everything that has been said has been taken care of. The Senators here know the detail but I want the people watching to…

I appreciate the Senator’s comments. However, this legislation has to pass. While the Bill is seven pages long, the schedules are lengthy and have been agreed by all 27 EU countries. I do not think any country can unilaterally change them without the consent of the other 26. The points the Senator makes will be very appropriate in the context of the upcoming budget discussions when we return after the summer recess and the revised capital plan that is necessary now we are coming out of Covid. Social funding and the…

I stated earlier that, as a result of the debate in the Dáil, the Minister has given a commitment, in the context of payments into the fund or repayments to Ireland, that there will be a report within three months. The details will be included in any annual or subsequent report. The Minister has also committed that when the fund's annual audited statements are approved, including by the Irish representative on the committee, they will be brought back to the Oireachtas for discussion. There is not a mechanism of the…

The main objectives and policies of the fund will be debated and it is up to the Members of the Oireachtas in Dáil Éireann and Seanad Éireann to decide how much detailed consideration they give to those debates. It will be there, and if Members choose to nod it through in a half an hour, that is up to them. If they want to give it three days, that it is up to them. The detail will be there and it will be up to Members to tease out that report in as much detail as they want.

I thank all the Members for going easy on me on my first day.

I congratulate the Minister of State, Deputy Chambers, on his appointment and I wish him every success in his future career in Dáil Éireann. I am glad to see him in the Chamber so early in the term of the new Government. Today is 14 July, Bastille Day, the national holiday in France. On this day in 1789, the Bastille, a French military fortress and prison, was stormed by the people of France and prisoners broken out. It was one of the first actions of the French Revolution. We all know it was a very bloody revoluti…

I wish to share time with Deputies Lahart, Ó Cuív, Flaherty and Chambers. I welcome the opportunity to participate in the discussion on the annual national transition statement, which includes an overview of climate change mitigation and adaption policy measures adopted to reduce emissions and greenhouse gases. This is only a policy statement as enunciated in the introduction to the actual report. It is not about implementation. The entire report is only fluff and puff. It would be far better if the legislation req…

Five minutes maximum.

I will come in at ten minutes.

The four remaining Fianna Fáil speakers will have two and a half minutes each, including time for the Tánaiste to respond. We may choose not to ask a question of him. He must complete any response within the two and a half minutes allotted to each speaker.

I appreciate the clarification by the Acting Chair and I welcome the opportunity to speak on the issue of foreign affairs. I wish to acknowledge and thank the Ceann Comhairle for organising a minute's silence in support of all those affected by racism. There will be a debate in the House on racism next week. We must all take a stand against racism in Ireland and abroad. The issue has been highlighted by the murder of George Floyd by US police. The rule of law and order applies to everybody. All those who participat…

The entire country is living in very difficult times. Our sympathies and condolences must go to the bereaved families who have suffered tragic losses in recent months due to the Covid-19 crisis. We must all acknowledge that there has been a tremendous national effort by everybody involved across the country. We also acknowledge the very dedicated work by all the front-line staff, especially but not just in the health service. I refer to those people who work in supermarkets and shops and who look after people getti…