Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I will give my interpretation of this resolution. Much of the debate we have just heard is straying into areas that will be part of the Finance Bill, which will provide for the increase in DIRT to 41%. The issue raised by Deputy Mathews concerning exit taxes applying to life assurance policies and investment funds will be part of the Finance Bill. My understanding of Financial Resolution No. 7 is that it relates to very specific special term accounts within financial institutions that hitherto have been exempt from DIRT tax. The Government is removing that exemption and such accounts will be treated in line with all other accounts in financial institutions. That is the change we are making here.

Some of the answers on PRSI have not been satisfactory, to be frank but that is a matter for debate when the relevant legislation is brought forward. We can then discuss the issue of the treatment of PRSI on unearned income for PAYE earners and the self-employed.

The whole debate about DIRT at 41% is a debate for the Finance Bill. Is my interpretation correct that Financial Resolution No. 7 concerns specific accounts from which the Government is removing an exemption?

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