Vol. 422 No. 4
39 Proinsias De Rossa asked the Minister for Finance if he will expand on the reported comments of the Taoiseach on 28 May, regarding a review of the provision in the Finance Act, 1992, reducing DIRT tax from 29 per cent to 10 per cent; if he will give details of by whom the review is being carried out and when it commenced; when it is likely to be completed; and if he will make a statement on the matter.
In his briefing of reporters on 28 May last, the Taoiseach did not say that a review of the DIRT provisions in the 1992 Finance Act would be carried out. An intensive examination of the implications for DIRT of the final abolition of exchange controls, which must be done by the end of this year, was carried out in my Department. This examination formed the basis of the revised DIRT provisions that have been enacted into law by the 1992 Finance Act. There is no review of these revised DIRT provisions currently under way.
My Department are holding discussions with representatives of the life assurance and unit trust industries to examine any implications the revised DIRT provisions might have for their products. These discussions have not yet been concluded. It was to these discussions that the Taoiseach referred in comments to the press.
