Dáil Éireann díospóireacht -
Thursday, 25 Feb 1999

Vol. 501 No. 2

Written Answers. - Fiscal Policy.

John Perry

Ceist:

32 Mr. Perry asked the Minister for Finance the impact the new Revenue powers will have on small business in view of the fact that compliance with Government regulatory requirements imposes real additional costs of many businesses; and if he will give an assurance that the new powers will be used to combat the public concerns over issues of business property in such a way that it will not disadvantage or create additional complexity for small businesses which are striving to create and develop their business in an honest and compliant manner. [4256/99]

Minister for Finance (Mr. McCreevy)

The package of new Revenue powers introduced in the Finance Bill is not intended to place any additional burden on small business. The main focus of the new powers is to rectify inadequacies in existing Revenue powers, particularly in the area of access to information held by or in financial institutions. The proposed new powers are an important element in restoring public confidence in the tax system, which has been severely dented by the revelations of the past two years.

The compliant small businessman or businesswoman has nothing to fear from these new powers. The chairman of the Revenue Commissioners has publicly indicated on RTE radio that the new powers would not be focused on smaller cases and that appropriate checks and balances would be put in place to ensure that only properly authorised and trained Revenue personnel would have access to any new powers.

The small business sector is vitally important for the future economic success of this country and this Government is committed to minimising regulation and compliance costs for that sector. I can assure the Deputy that the new powers will be used by Revenue to combat the very real problem of tax evasion in such a way that will not disadvantage or create additional compliance costs for small enterprises striving to develop their businesses in an honest and compliant manner.