Brian Cowen (Laois-Offaly, Fianna Fail)

It was imposed upon me by the European Commission and by nobody else. Unfortunately, the adverse publicity and the unwarranted assertions that were made about the nature of this industry detract from the high regard in which it is held internationally. We should be proud of that rather than begrudge it. It helped create the atmosphere which has culminated in us being told what to do in this area. I am not convinced at all that it is the right decision, but I have no option but to carry it out.

Section 35 of the Finance Act 2003 provided that details of exempt income from a number of sources, including from stallion stud fees, would be returned to the Revenue Commissioners. This information was included for the tax year of 2004 in the personal income tax returns file in October and November 2005. In the case of companies and corporation tax returns, the information was filed up to the end of 2005. It is regrettable that people are being triumphalist about the fact that this is going. It is part of the street theatre that passes for politics in this country, just like the ritual mention of the tent in Galway, which is where I am supposed to decide the budgetary framework, tax incentive schemes, pension reviews and so on.