The principle contained in the section received some publicity and there was a request from the Small Firms Association and ISME regarding the fixed charge on the book debts of a company. This was one of the recommendations of the small business task force. This section brings the recommendation into effect but when the change is being make, why not go the whole way? Perhaps the Minister will consider this on Report Stage as there are still restrictions in this area which, as a former Minister for Enterprise and Employment, it would not be his intention——
SECTION 155.
Question proposed: "That section 155 stand part of the Bill."
Is the Deputy suggesting that the charge should be abolished?
Under the provisions in the section, the Revenue Commissioners must be notified if one owns a company and gives a fixed charge over book debts. Some small companies will forget about this, although those taking the charge may not. It is only from that point on that the Revenue taxes can be applied. As a former Minister for Enterprise and Employment and Employment, the Minister's then Department, through Deputy O'Rourke and other spokespersons, recommended that the charge be abolished completely. The section begins this process, but it would appear that the Revenue decided to retain some of the charge. If one is giving something, give it with a heart and a half. I urge the Minister not to introduce the change in this way. It is not worth it.
Question put and agreed to.