asked the Minister for Finance if he has taken, or intends to take, any action to ensure the alleviation of the heavy burden of tax borne by existing Irish industrial firms of long standing.
Ceisteanna—Questions. Oral Answers. - Taxation of Industrial Firms.
42.
Over the last ten years or so, substantial tax incentives have been introduced which have made a major contribution towards alleviating the impact of income taxation on industrial concerns operating in this country. These reliefs include enhanced allowances for capital expenditure on plant and machinery and on industrial buildings, exports relief and mining reliefs. Last year, the initial allowance for capital expenditure on machinery and plant was raised from 40 per cent to 50 per cent and, in addition, "free depreciation" for new machinery and plant provided for use in undeveloped areas was introduced. Improved relief for profits derived from the mining of certain non-bedded minerals was also brought in which, in the case of mines which came into production since 6th April, 1956, exempted the profits from tax for a period of twenty years from commencement of trading. The various tax incentives are not specifically restricted to existing Irish industrial concerns of long standing, as this would be neither practicable nor justifiable.
Would it not be more honest for the Minister to admit that the period is not over the last ten years or so but since the introduction of Deputy Sweetman's legislation in this House in 1956? That is when the policy was initiated.
That sounds very childish.
Why does the Minister say over the last ten years or so when he knows that this legislation was introduced in 1956? That is just what the Minister rules out.