Finance Bill, 1987: Financial Resolutions.

Minister for Finance (Mr. MacSharry)

I move:

That relief from income tax in respect of certain loans be restricted in the manner and to the extent specified in the Act giving effect to this Resolution. That section 14 of the Finance Act, 1986, (No. 13 of 1986), which provides for relief from income tax in respect of certain dividends, be amended to restrict the relief in the manner and to the extent specified in the Act giving effect to this Resolution. That provision be made in the Act giving effect to this Resolution so as to secure, in the manner and to the extent specified in that Act, that the amount on account of appropriate tax payable by certain relevant deposit takers for the year 1987-88 and subsequent years of assessment, shall be determined in accordance with the provisions of the Act giving effect to this Resolution. That provision be made in the Act giving effect to this Resolution so as to secure, in the manner and to the extent specified in that Act, that the Minister for Finance may make Regulations to extend the meaning of accountable person as defined in that Act. That provision be made in the Act giving effect to this Resolution so as to restrict, in the manner and to the extent specified in that Act, relief from income tax and corporation tax in respect of specified capital allowances and losses incurred in a qualifying shipping trade.

That provision be made in the Act giving effect to this Resolution so as to secure, in the manner and to the extent specified in that Act, that, as respects interest on housing loans granted on or after the 22nd day of May, 1987, corporation tax shall be charged under section 28 of the Finance Act, 1976, at the rate of 45 per cent.

That—

(a) in relation to money received by certain taxable persons, money withheld from them in certain circumstances be subjected to value-added tax;

(b) the deduction of value-added tax borne or paid in relation to the acquisition of goods and services used for certain purposes by taxable persons be disallowed for the purposes of the said tax;

An Ceann Comhairle

Are the Financial Resolutions agreed?

Mr. O'Malley

No, they are not. These resolutions are far-reaching. They are imposing fundamental taxes and changes in taxes. This is most unsatisfactory.

An Ceann Comhairle

Once again I must remind the Deputy, and the House, that the order of the House decided earlier was to the effect that these matters be dealt with without debate.

Mr. D. O'Malley

These are not just formalities; they are the imposition of taxes on the people. Eight resolutions have to be passed through the House without any debate or any Member being allowed to say whether they are for or against them or whether they want to amend them. It is a disgraceful way to run the affairs of the House.

Mr. Molloy

Are we being ignored here?

Mr. Flynn

Yes.

An Ceann Comhairle

I must put the question.

Mr. Molloy

The Government will not get away with this.

An Ceann Comhairle

The Order of Business was to the effect that these matters should be dealt with without debate and the Chair is adhering to that. I am putting the question: "That the motions for Financial Resolutions in respect of the Finance Bill, 1987, are hereby agreed to."

The Dáil divided: Tá, 77; Níl, 25.

Tá

Abbott, Henry.
Ahern, Dermot.
Ahern, Michael.
Andrews, David.
Aylward, Liam.
Barrett, Michael.
Brady, Gerard.
Brady, Vincent.
Brennan, Matthew.
Briscoe, Ben.
Brown, John.
Burke, Ray.
Byrne, Hugh.
Calleary, Seán.
Collins, Gerard.
Conaghan, Hugh.
Connolly, Ger.
Coughlan, Mary T.
Cowen, Brian.
Daly, Brendan.
Davern, Noel.
Dempsey, Noel.
Dennehy, John.
de Valera, Síle.
Doherty, Seán.
Ellis, John.
Enright, Thomas.
Fahey, Frank.
Fahey, Jackie.
Fitzgerald, Liam.
Fitzpatrick, Dermott.
Flood, Chris.
Flynn, Pádraig.
Gallagher, Denis.
Gallagher, Pat the Cope.
Geoghegan-Quinn, Máire.
Haughey, Charles, J.
Hilliard, Colm Michael.
Hyland, Liam.
Jacob, Joe.
Kelly, John.
Kirk, Séamus.
Kitt, Michael P.
Kitt, Tom.
Lawlor, Liam.
Lenihan, Brian.
Leonard, Jimmy.
Lynch, Michael.
Lyons, Denis.
McCarthy, Seán.
McCreevy, Charlie.
MacSharry, Ray.
Mooney, Mary.
Morley, P.J.
Moynihan, Donal.
Nolan, M.J.
Noonan, Michael J. (Limerick West).
O'Dea, William Gerard.
O'Donoghue, John.
O'Hanlon, Rory.
O'Keeffe, Batt.
O'Keeffe, Ned.
O'Leary, John.
O'Rourke, Mary.
Power, Paddy.
Reynolds, Albert.
Roche, Dick.
Smith, Michael.
Stafford, John.
Treacy, Noel.
Tunney, Jim.
Wallace, Dan.
Walsh, Joe.
Walsh, Seán.
Wilson, John P.
Woods, Michael.
Wright, G.V.

Níl

Clohessy, Peadar.
Colley, Anne.
Cullen, Martin.
De Rossa, Proinsias.
Higgins, Michael D.
Howlin, Brendan.
Kavanagh, Liam.
Keating, Michael.
Kennedy, Geraldine.
McCartan, Pat.
McCoy, John S.
McDowell, Michael.
Mac Giolla, Tomás.
Desmond, Barry.
Gibbons, Martin Patrick.
Gregory, Tony.
Harney, Mary.
Molloy, Robert.
O'Malley, Desmond J.
O'Malley, Pat.
Pattison, Séamus.
Quill, Máirín.
Stagg, Emmet.
Taylor, Mervyn.
Wyse, Pearse.

Tellers: Tá, Deputies V. Brady and Browne; Níl, Deputies Kennedy and Taylor.

Question declared carried.

Dáil Éireann díospóireacht -
Tuesday, 16 Jun 1987