Mary Ann O'Brien (Independent) | Oireachtas source

I thank the Minister for attending to present the Finance Bill to us. As with Senator White, I wish to talk about the changes the Minister is effecting. I was delighted to see he started the journey. He took a step but never even got his shoe off the ground. He intends to reduce the capital gains tax rate for Irish entrepreneurs should they ever reach the welcome day on which they wish to sell their businesses. The rate is to be reduced from 33% to 20% of the first €1 million.

As with previous speakers, I so admire what the Minister has done. I will never forget the feeling of despair when, having been fortunate enough to become a Senator, I read some of the documentation from Europe. I looked upon this Oireachtas as a business and there was fear in my heart. Today, however, we note the wonderful positivity that the Government has driven.The Minister is to be congratulated.

Our mantra now is that Ireland is the best small country in which to do business, but I can tell the Minister with certainty that Ireland is most definitely not the best country in which to start a business. I am not sure if the Minister was in the room at the Global Irish Economic Forum in Dublin Castle two weeks ago when a wonderful young man from Cork spoke about his new business. Unfortunately, however, he is based in London, and I do not blame him. I am going to invest in his business. He has an amazing idea involving the food industry which will help diabetics. I was talking to him yesterday and I told him he would be mad to start his business in Ireland because he will pay 10% of £10 million in England and this boy's product will sell out.

Unfortunately, the Seanad is not allowed make amendments to this Bill. I wish that were the case, because I would have fought tooth and nail to get the Minister to take a much braver step. He is in a position to do that. Why let the English have it? Part of my business has been sold and if I want to start a new business I may go to Northern Ireland to do so. I remind the Minister that, like the previous speaker, Senator White, I started a business. One goes through the feasibility stage, the excitement stage, the risk stage, the borrowing of the money stage, the mortgaging of one's house stage, the worry stage and the 24-7 stage that lasts for about ten years, following which one gets to look the way I do at 55, which is about 90. There is the ongoing stress, an incredible amount of work and then the employment stage and dealing with employment law, which is very difficult for a small company like mine, but I employ 220 people and will employ more before I am finished. There is also the question of VAT, the universal social charge and PRSI. At the end of the journey, the more value one adds to one's business, the more tax one will pay to the Government.

We want more entrepreneurs not only in the technology space but also in the crafts, services and manufacturing spaces to create businesses, rural employment, thriving communities and innovation. There are many people with ideas who will help us in the climate change space but there is no incentive in that regard. I hope the Minister is hearing what I am saying and I hope he will go much further. We are in a position to do it and therefore we should level the playing field so that our young entrepreneurs can have a go, because at the moment the situation is madness.

I will not read out the relevant section of the Bill, but we are not talking about people who buy tracts of land or big properties that they leave idle and on which they make a fortune. We are talking about people who give their blood, sweat and tears to employ people. They put their life and soul into their businesses. They love this country. We should re-examine that situation. I thank the Minister for listening to me.