Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

Of course, everybody knows that the past six months have been difficult, as the next six months will be. We have been here a few times as a result of Covid-19. There was the July stimulus package and now the Finance Bill, with billions of euro going to support the Irish economy and keep businesses open, or in a suspended state until they get to reopen. That has come at a cost of billions of euro to the Exchequer. That has happened because all of those businesses are losing money. The Senator need not worry about the taxation of people who have empty office blocks because they are losing money. The Senator does not need to worry about the rate of tax to charge a non-existent property with empty office blocks. I find it unusual that the debate has centred on empty office blocks that generate zero income, only a lot of investment by the investor, with no rental income or profit. The Senator has suggested they should be paying 33%. We said that if a REIT sells an asset that is not reinvested within two years, it has to be distributed by way of dividend at the top tax rate that the investor will have to pay. The Senator wants a 33% tax on the company and then the investor in the company, when he or she gets a dividend, should pay 40% tax out of income that has already borne a tax at 33%. That would be a minimum of 75% tax and I cannot go there. That is all.