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Financial Resolution No. 2: Capital Gains Tax

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Snippet Contents:

Deputy Howlin covered most of what I wanted to say. It is very unusual to have a financial resolution such as this when there is no necessity for what is proposed to be done before midnight. The only reason I could find for the rush is in the note from the Government that accompanied the financial resolution. It states the measure is being implemented on budget night to provide certainty for businesses currently located in Ireland and for those considering investing here in the future. It also states that the rate will be 12.5%. The only reason we have been given is that it will provide certainty tonight, even though it does not have to be implemented until 1 January 2020. We have been given very little information about this measure. It would be better to deal with it during the passage of the Finance Bill, when we can have a more detailed discussion on the reasons we are not looking at the tax rate of 33%, or even the non-trading corporation tax rate of 25%. Why is the rate being reduced to 12.5%? We have been given no reason for that. We know that certain sectors of the industry have been lobbying very hard for the 12.5% rate to be applied. For that reason, we will be supporting the amendment tabled by the Labour Party. If the amendment is not accepted and there is a vote on the financial resolution, Sinn Féin will oppose it because we do not believe it is appropriate that this be done before midnight. There is no reason or rationale for rushing this through. It should be dealt with during the debate on the Finance Bill, for example, on Committee Stage, when we can look at all of the evidence and some of the supporting documentation. I am sure the Department has such documentation, but it has not been shared with opposition spokespersons. Without that, we cannot support the financial resolution, but we will certainly support the amendment being put forward by the Labour Party.