Mary White (Fianna Fail)

Job creation must be to the forefront of Government legislation at this time. The finance Bill includes measures aimed at attracting investment and improving our image as a place in which to do business. The new transfer pricing rules contained in the Bill will help multinationals to defend the level of income and expenses of their Irish operations. In this regard, the new rules can be seen as a positive development for multinationals operating in Ireland. They endorse the OECD guidelines and bring the Irish tax regime into line with international norms in this area.

The Bill also clears up a number of issues related to research and development and intellectual property rights. These measures will drive the innovation culture needed. The Bill will extend the existing scheme of tax exemptions for start-up companies in the first three years of operation to include those commencing trade this year. It also contains a package of reforms in respect of capital acquisitions tax.

The Bill strikes a balance between supporting enterprise and enhancing the ability of the Revenue Commissioners to carry out their role. I congratulate the Minister for Finance, Deputy Brian Lenihan, and his officials in the Department.