Paschal Mooney (Fianna Fail)

It is below the audit exemption threshold at present, but that is not my point. My point relates to over-regulation and to the emphasis being placed on the compliance nature of the legislation, which is going to create enormous difficulties for those who are trading – in this case a husband and wife – and for many others. It is also about the impact the existing legislation is having on small accountancy companies. My accountant used to attend seminars that were addressed by other accountants, who spoke about various changes and devolution. These seminars are now addressed by senior barristers. The trend in this area has changed completely.

As a legislator, I am concerned that if Ireland obtains an image abroad of having gone too far in terms of over-regulation, it will lose its competitive edge to other countries that are not too far away. This will ultimately result in a loss of jobs. I would like some reassurance from the Minister of State that he recognises these danger signals.

I am not attempting to defend the type of people to whom Senator Leyden referred. None of us is attempting to defend criminal activities or the existence of any golden circle. I am talking about a significant corpus of company activity – in the small and medium-sized area – which will be overwhelmed by a raft of paperwork. These companies will become so afraid of getting involved in this area that not only will they leave business, but their accountants will refuse to audit their affairs.