Dáil debates

Thursday, 27 January 2011

Finance Bill 2011: Report and Final Stages

 

12:00 pm

Photo of Damien EnglishDamien English (Meath West, Fine Gael)

I move amendment No. 4:

In page 9, between lines 11 and 12, to insert the following:

"PART 1

PROPOSAL TO OFFSET TAX LOSSES FROM RESEACH AND DEVELOPMENT AGAINST PRSI

1.—The Minister shall within one month of the commencement of this Act, prepare and lay before Dáil Éireann, a report on proposals to reduce the effective tax rate that is applied to intellectual trading losses that are incurred by companies and if he will further report on a possible option of offsetting such losses against employers PRSI.".

Before I deal with the amendment I wish to add my brief comment on the occasion of Deputy O'Shea's retirement and to wish him luck in his retirement. I worked with Deputy O'Shea when I was deputy spokesperson on communications and on the drugs problem. I enjoyed listening to his debating and to his ideas as he had a great understanding of what was needed. Progress is slow in that area but he was very conscious of what had to be done. I watched in great admiration how he dealt with his own suffering because he must on occasions have been in great pain and he still did his job. I am glad to see he has recovered quite well. It is nice to see someone still doing their job even when it is very difficult to do so. I wish him well in his retirement and I am sure my other colleagues would say the same if they were here in the Chamber. On behalf of Fine Gael I extend to him all the best and we hope to see him around Leinster House.

I also wish to make a point in response to the Minister's reference to reform of the Houses of the Oireachtas. The problem was best summarised when he said that as Minister for Finance he was not in a position to discuss political reform. That is what is wrong with the place, in my view.

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