asked the Minister for Finance if he will state in what manner the extension of the tax remission to securities already issued will act as an incentive to production, as stated by the Taoiseach in Dáil Éireann on 23rd October, 1957.
Ceisteanna—Questions. Oral Answers. - Tax Remission on Securities.
By this year's Finance Act the income-tax relief originally afforded by Section 7 of the Finance Act, 1932, was extended to all securities issued to the public subsequent to 1932 by Irish manufacturing concerns. The tax remission as extended applies not only to issues already made but to future issues as well. The extension of the remission to existing issues which had not previously qualified will facilitate the raising of fresh capital by the companies concerned and so indirectly will act as an incentive to production. It will be appreciated that where such a company proposes to float a further issue the removal of the subdivision of securities previously necessitated by the provisions of Section 7 of the Finance Act, 1932, will mean that the new shares will join a larger uniform class and so will possess enhanced marketability.
Is the Minister aware that, in fact, the effect of that section has been to create further subdivisions of shares and not amalgamation as, I think, he genuinely intended?
I am not aware of that, I must say. As far as my recollection goes, it is also giving an opportunity of merging shares.
If the Minister makes further inquiries he will find that it has in several cases created further subdivisions and not amalgamation. May I inquire further whether this question was transferred from the Taoiseach to the Minister for Finance inasmuch as I originally addressed the question to the Taoiseach, he having made that statement, and has the Taoiseach, at the suggestion of the Tánaiste, made the Minister for Finance his dog to bark?
The transfer of questions is a matter that is determined by the Dáil — by the Ceann Comhairle — in consultation with the Department, and the questions are then usually sent to the Department concerned.
Is that so, Sir? I understand it is the Department of the Minister concerned.
The Minister to whom a question is addressed may transfer that question to any other Minister to whose administration he thinks the question is more relevant.
Would it not be more normal for the Taoiseach to answer a question about his own statements?
I would have been quite willing to do that, had it been sent to me in that way.
But it was.
The Deputy has made a lot of statements concerning me which are untrue.
The evidence is there in the Department in my own handwriting and that question was addressed to the Taoiseach. That is true and the Taoiseach cannot wriggle out of it.
I am not trying to wriggle out of anything. That question would have been answered by me if it had come to me. It was transferred in the usual way to the Minister in whose Department it lies.
The Ceann Comhairle has just said it was not transferred by this House.
That is a matter of fact which can be easily ascertained.
Let us ascertain it.
Let us.
Could you state the fact, Sir?
I am advised the question was originally addressed to the Taoiseach's Department and it was sent there by my Office.
Perhaps the Taoiseach will now apologise to me.
I shall make inquiries and see.
The Taoiseach is never wrong.
He is wrong in this case.