Tairgim go ndéantar an Bille Airgeadais, 1945, do léamh den dara huair.
Cuirtear an Bille seo os cómhair an Oireachtais chun éifeacht do thabhairt in aghaidh na bliana airgeadais ar fad do na Rúin lenar ghlac an Dáil tar éis na Cáinfhaisnéise. Mar is eol do na Teachtaí, toisc téarmaí an Achta um Bailiú Sealadach Cánach, 1927, ní bhíonn éifeacht reachtúil ach ar feadh tréimhse teoranta ag Rúin a ritheann an Coiste um Airgeadas den Dáil ag forchur, ag athnuachaint nó ag athrú cánach, nó ag cur deiridh leo.
Níl foráil ar bith sa Bhille nár cuireadh a brí fé bhráid na Dála cheana sna Rúin Airgeadais nó san Óráid Cháinfhaisnéise. Toisc nár gearradh aon chánacha nua leis an gCáinfhaisnéis i mbliana ní dheanann an Bille ach na cánacha atá ann cheana do choimeád in éifeacht, ach maolaíonn sé ualach cánach áirithe i slite fá leith agus bhéarfaidh mé tuairisc orthu san ar ball.
The main purpose of this Bill is to give continuing effect to the Financial Resolutions passed by the Dáil on the 4th instant following the Budget. As Deputies are aware, these Resolutions have statutory effect under the Provisional Collection of Taxes Act. 1927, for a limited period only. The matters provided for in the Bill have all been before the House already in the form of Financial Resolutions or have been referred to in my Budget statement. In the circumstances, it is, I think, scarcely necessary for me to deal with them now in detail. I propose, therefore, with your permission, to refer briefly to the various sections of the Bill as introduced.
Part I — Income-tax.—Section 1 (which corresponds to Financial Resolution No. 1 passed on Budget day) is the customary "charging" section. It provides for the imposition of income-tax, sur-tax and excess sur-tax for the year 1945-46 at the same rates as those in force for the preceding year. It also makes provision for the continuance in force of the existing enactments relating to those taxes.
Section 2 secures broadly, following a point raised by way of amendment to last year's Finance Bill, that losses in transactions, where a profit, if it had arisen, would have been assessable under Case VI of Schedule D, may be deducted in computing for tax purposes any profits from such transactions. The relief, which is made retrospective to the year 1944-45, will apply not merely to the transactions of professional bodies in connection with the registration of members, to which reference was made last year, but to all transactions coming under Case VI.
Section 3, which was foreshadowed in the Budget speech, secures with retrospective effect that exemption from income-tax and sur-tax shall be granted in respect of deferred pay which is credited to the pay account of a member of the Defence Forces. A similar exemption is extended to gratuities granted in respect of service with the Defence Forces.
Part II—Customs and Excise.— Section 4 reduces the rates of excise duty on matches. The reduction amounts to 2/1 on each gross of boxes containing more than 20 but not more than 50 matches. This is the type of box in general use and it is sold by retail at 1½d. The reduction is to compensate manufacturers for the increase in cost of raw materials and overhead expenses and to ensure that the public may continue to be able to purchase matches at the price now current.
When the excise duty on matches was increased from 3s. 8d. to 8s. 4d. in 1941, manufacturers were given to understand by the Department of Supplies that the duty would be adjusted if necessary so as to recoup them for increased cost of materials and increased overheads arising from war conditions. In November last, strong representations were made for such review. The position has been thoroughly examined and as any increase in the price of matches would be most undesirable at the present time, the only alternative, that is, a reduction in the rate of duty, is warranted on the understanding that the position will be again examined on the return of more normal conditions.
The loss of excise revenue in the current year will amount to £53,000 and in a full year to £58,000.
Corresponding reductions have been made in the rates of customs duties but as imports are very small at the present time the effect of the change on customs revenue will be negligible.
Part III—Death Duties. Section 5, which is complementary to Section 3, provides for the exemption from estate duty and legacy duty of the payments for service with the Defence Forces which are covered by that section.
Part IV—Corporation Profits Tax. Section 6 secures that a public utility company which carries on a tramway undertaking shall not, by reason of that fact alone, be deprived of the temporary exemption from corporation profits tax and excess corporation profits tax afforded to public utility companies. The effect of the section will be that the new transport company, Córas Iompair Éireann, will be exempt from corporation profits tax and excess corporation profits tax in respect of the whole of its profits for a period of two years.
Part V—Miscellaneous and General. Section 7 is the customary care and management provision and Section 8 is the usual section relating to the Short Title, construction and commencement of the Bill.
