Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I move amendment No. 99:

In page 38, between lines 36 and 37, to insert the following: “22. The Minister shall, within six months from the passing of this Act, prepare and lay before Dáil Éireann a report on the effectiveness of this amendment which is intended to restrict the use of profit participating loans where they are used to finance business of section 110 companies related to Irish property transactions.”.

I have touched on this matter. The amendment is self-explanatory. The last hour and three quarters have given enough reason to conduct a review in six months' time, if not earlier. It should happen within the Department and Revenue anyway. I am not sure as to what the Minister of State's answer will be, but the usual response when we ask for these reviews is that a cycle of a year must be allowed first. Given the fact that we are dealing with multi-billion euro funds and assets, however, it is important that we pick up on early indications to determine whether a way around the provisions has been found.

This is a different amendment than our original one on section 110 companies because the industry has been discussing mark-to-market accounting and so on. The situation has changed and there has been a response. We cannot wait until this time next year if something is identified. While officials in the Department and Revenue will continue to monitor all taxation changes, in particular these ones, which could have high-income benefits for the State, the Minister of State acknowledged the public role played by the Oireachtas. Although confidentiality in the tax system and who pays what should be maintained, a report on whether the measures are working is required so that we might be better informed on what changes, if any, need to be made at that time or in the next Finance Bill a couple of months later.