Vol. 516 No. 5
115 Mr. Bell asked the Tánaiste and Minister for Enterprise, Trade and Employment if she will make a statement on her meeting with the Irish League of Credit Unions; and the action, if any, she will take arising from the meeting. [7999/00]
The Taoiseach and I met representatives of the Irish League of Credit Unions on 24 February last. Both sides particularly welcomed the opportunity to discuss the proposals being promoted by the league in relation to the taxation of members' savings income.
The complaint from the Irish Mortgage and Savings Association, currently before the European Commission, concerning the taxation of credit unions was raised during the meeting. It was noted that any additional tax changes could aggravate the present position. The Taoiseach and I agreed to seek legal advice in relation to these matters, and I understand that the Department of Finance has now done so. We will consider that advice on receipt and have undertaken to consult with the league again in the coming weeks.
It was agreed that the recommendations of the working group on the taxation of the returns on credit union savings will be re-examined following whatever decision the EU Commission takes on the matter. The need to ensure the integrity of the tax system as well as general equity aspects were emphasised to the league during the meeting.
