Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

One of the great issues of the Finance Bill on Committee Stage is that to speak authoritatively on every aspect of taxation law and the full consolidated Acts, one would need two rooms, each twice the size of this one, to have all the Acts in place.

My understanding is that all financial services are exempt from VAT. Our argument is that were we to change that position it would put that industry, with its jobs and potential for further jobs, at a competitive disadvantage. The Government has already planned to create a further 40,000 jobs in this area in the coming years or decade. That is the argument we are making. We can debate the argument but that is the net point.