Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Okay. When introducing my amendment, I acknowledged that that would be the case and that further monitoring would be needed. However, we have already amended this legislation. Not as a result of tax returns, though, and I am not asking how much money the State has collected. Rather, the industry's players are finding ways around this issue.

The report could be short. It could be to the effect that there was no evidence to suggest that the amendment had not done what it was intended to do. Various accountancy firms are advertising mark-to-market stuff on their websites, as well as other issues. A report would be appropriate. It should not be covered under the Finance Bill and I am only tabling this amendment because that is how we need to discuss it, but it is necessary that the Department and Revenue revert and explain whether they believe that this section is robust enough to do what was intended.

I bear in mind that we will not have the returns at that time, but we must ensure that people are not doing what Deputy Donnelly suggested and which the Minister of State suggested will not happen under this section. We will be able to see the moves easily. Section 110 companies are moving and some are becoming ICAVs anyway, registering with the Central Bank. The Department will be able to pick up on trends to see whether something is happening before the returns are made. That is important, given the value of the assets.

I am not asking for something that is very detailed. I am asking for something that the Department is likely to do anyway and for it to be furnished to us at an appropriate time. Six months would be that time as a staging post. Sitting here discussing next year's Finance Bill, we will still not have the returns. We will be wondering whether sections 21 and 22 worked out and the information in question will still not be available to us. We will have to rely on other indicators. If there are indicators, they should be reported to us. I bear in mind the sensitivity of this issue, as we do not want to flag potential changes and allow people to adjust for them.