Dáil Éireann debate -
Tuesday, 10 Apr 1962

Vol. 194 No. 10

Financial Resolutions. - Resolution No. 3—Income Tax, Sur-Tax and Corporation Profits Tax.

Dr. Ryan

I move:—

That—

(a) interest shall be payable on unpaid income tax (including sur-tax) and corporation profits tax at the rate of one-half per cent. for each month or part of a month from the date when the tax becomes due and payable until payment;

(b) the said interest shall be paid without deduction of income tax and shall not be allowed to be deducted in computing any income, profits or losses for any of the purposes of the Income Tax Acts or of the enactments relating to corporation profits tax;

(c) the preceding provisions of this Resolution shall be deemed always to have had effect, except that interest shall in no case begin to run before the 1st day of January, 1963; and

(d) the Act giving effect to this Resolution may contain provisions consequential on or incidental to any of the provisions aforesaid.

Mr. Sweetman

In relation to No. 3, the Minister need not have got so cross. He has taken 12 per cent. of certain moneys and is only asking six per cent. in this——

Dr. Ryan

No. We took 12 per cent. from a collector of income tax who has the money in his hand.

Mr. Sweetman

Under the Finance (No. 2) Act, 1960, you are taking 12 per cent.

Dr. Ryan

From a man who does not own the money and never owned it.

Mr. Sweetman

Twelve per cent. and perhaps I should have known you already had the power, but I think it is wrong. You are taking six per cent. now.

Dr. Ryan

Which of them is wrong?

Mr. Sweetman

The 12 per cent.

Dr. Ryan

I do not think so.

Mr. Sweetman

This does not deal with the 12 per cent.?

Dr. Ryan

Six per cent.

Mr. Sweetman

I shall have to await another opportunity of coping with it.

Resolution put and agreed to.