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Financial Resolution No. 13: Stamp Duties (14 Oct 2008)

Mary Coughlan: As Deputy Noonan indicated, there is no problem with what the Minister for Finance had to say.

Financial Resolution No. 13: Stamp Duties (14 Oct 2008)

Mary Coughlan: If it is an issue, it is an issue.

Financial Resolution No. 13: Stamp Duties (14 Oct 2008)

Mary Coughlan: There is no indication that it is going to be changed.

Financial Resolution No. 13: Stamp Duties (14 Oct 2008)

Mary Coughlan: There is no change.

Financial Resolution No. 13: Stamp Duties (14 Oct 2008)

Mary Coughlan: I am sorry.

Financial Resolution No. 13: Stamp Duties (14 Oct 2008)

Mary Coughlan: The change will affect the savings element only.

Financial Resolution No. 14: EXCISE — Mechanically Propelled Vehicles (14 Oct 2008)

Mary Coughlan: It would do the Deputy a world of good. It would invigorate him no end.

Financial Resolution No. 13: Stamp Duties (14 Oct 2008)

Mary Coughlan: Is the Deputy referring to DIRT?

Financial Resolution No. 13: Stamp Duties (14 Oct 2008)

Mary Coughlan: I do not have time to play golf.

Financial Resolution No. 13: Stamp Duties (14 Oct 2008)

Mary Coughlan: That has not been changed.

Financial Resolution No. 13: Stamp Duties (14 Oct 2008)

Mary Coughlan: It is serious.

Financial Resolution No. 13: Stamp Duties (14 Oct 2008)

Mary Coughlan: I will take some of the questions first. Deputy Rabbitte asked about the estimation of capital gains tax and the approximation of €160 million. This estimate is based on the statistics available which for 2009 is approximately €1.7 billion, for 2010 some €1.5 billion and for 2008 an estimated outturn of €1.7 billion. These are very conservative estimates, based on the forecasts of...

Financial Resolution No. 13: Stamp Duties (14 Oct 2008)

Mary Coughlan: It is €160 million.

Financial Resolution No. 13: Stamp Duties (14 Oct 2008)

Mary Coughlan: It is €160 million.

Financial Resolution No. 13: Stamp Duties (14 Oct 2008)

Mary Coughlan: We will work on some of the other aspects of how we will drive the economy. The Deputy may wish me to provide them and go beyond the aspects of the debate, but I have not time to do this.

Financial Resolution No. 13: Stamp Duties (14 Oct 2008)

Mary Coughlan: I think, in the main, the majority of people agree with the proposal to reduce the limit to €150,000. If we are to change anything more fundamental, we will do so in the context of the Green Paper on Pensions. The Commission on Taxation is looking at a number of these issues, including the issue of pension provision for directors, which was raised by Deputy Rabbitte. There will be no...

Financial Resolution No. 13: Stamp Duties (14 Oct 2008)

Mary Coughlan: I said all of these matters will be examined in the context of the Green Paper on Pensions and the work of the Commission on Taxation. This is a first step. In my view, it is a matter of equity. Having listened to what the Members of the House had to say, I believe they are quite happy with the provisions which have been proposed. On the issue of DIRT——

Financial Resolution No. 13: Stamp Duties (14 Oct 2008)

Mary Coughlan: Yes.

Financial Resolution No. 13: Stamp Duties (14 Oct 2008)

Mary Coughlan: We will implement the Green Paper following further discussions. I have referred to the work of the Commission on Taxation. All of these issues will be taken into consideration during the debate on future pension provision.

Financial Resolution No. 13: Stamp Duties (14 Oct 2008)

Mary Coughlan: There has been a move to deal with the issue. The majority of people will accept that the issue has been dealt with. I wish to speak about DIRT. The one thing I believe about DIRT is that it is charged on interest. Therefore, if the interest is low, 23% of low will still be low.

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