Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I want to reflect on sections 5 to 10, inclusive. Given the deadline that was imposed for Deputies to submit amendments, it was not possible for me to capture all that was required but I think it is important to reflect on the extension of the debt warehousing scheme, which will now apply to directors and employees with a material interest in a company who will be allowed to warehouse tax liabilities relating to schedule E income from a company where their income is self-assessed. Previously, if a company availed of debt warehousing for PAYE employers liability, any directors or employees who had a material interest in a company could not claim credit for taxes deducted if those taxes had been warehoused and not paid over to Revenue by the company. This meant these directors and employees would be personally liable for these tax liabilities but it would only apply for income tax warehousing.

Sections 72 and 73 of the finance Bill brought forward by the Government changed that arrangement by allowing individuals who did not qualify for income tax warehousing to warehouse tax liabilities relating to their schedule E income from that company. We now know, and it has been in the media today, that high-wealth individuals who have a net wealth of €20 million or more have through this scheme warehoused €6 million in tax debt, availing of beneficial repayment and interest provision. There are serious questions about how the Dáil and the Government can stand over that arrangement. I call on the Minister of State not to extend this part of this section to those individuals. It should never have been allowed in the first place.

Amendments Nos. 4 to 7, inclusive, are in my name. The purpose of the amendments is to provide further relief and support to hard-pressed households during this cost of living crisis. As I have stated many times, and I will do so again, Sinn Féin recognises that the Government cannot shield everyone from every single price increase.

The scheme was successful overall. The information relating to the operation of the scheme is published on the Department's website on a bimonthly basis. For those reasons, I am not in a position to accept the Deputy's amendment.

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