Skip to main content
Normal View

Dáil Éireann debate -
Tuesday, 7 May 1991

Vol. 407 No. 9

Written Answers. - Single Market Directives.

Nuala Fennell

Question:

102 Mrs. Fennell asked the Minister for Finance if he will indicate the legislative measures his Department must take consequent to EC directives in preparation for the open market in 1992.

It is clear that certain EC directives in preparation for the open market in 1992 and for which my Department is responsible will require implementing legislation. An examination is in progress on the legislative implications of a number of other such directives.

Directives which require legislation:

Financial Services

Legislation will be required to set out provisions in relation to annual accounts and consolidated accounts of banks and related financial institutions.

Investment Services

Arising from the draft directive on investment services in the securities field and the draft directive on capital adequacy of investment firms and credit institutions, legislative measures will be necessary primarily to establish a system of authorisation for investment firms involved in broking, dealing, transmission, portfolio management and underwriting in respect of investment instruments.

Arising from a proposed directive on harmonisation of investor compensation schemes to be adopted by 30 June 1993, legislative proposals will be necessary to provide investor compensation measures.

Public Procurement

In public procurement, national legislation will be needed in particular for directives in the 1992 programme which provide for procedures to review the award of contracts.

Taxation of Companies
It is proposed to implement the directive on the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States under section 31 of the 1991 Finance Bill as initiated.
The legislative implications of the following Directives are being examined:
Financial Services
Second council directive 89/646/EEC of 15 December 1989 on the co-ordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions and amending directive 77/780/EEC.
Taxation of Companies
Council Directive 90/434/EEC of 25 July 1990 on the common system of taxation applicable to mergers, divisions, transfers of assets and exchanges of shares concerning companies of different Member States.
Customs, Excise and VAT
The completion of the Single Market will entail significant changes to the customs, excise and VAT systems. Implementation of these changes will clearly require national legislation to give effect to the relevant EC directives in many cases. For example, it is envisaged that legislation would be required to put in place the revised system for the control and movement of excisable goods and the rates and structures of VAT and excise duties to apply after 1992. It is not possible at this stage to identify, in full, the legislative changes that will be required.
Top
Share