Statement from Michael Lowry on the Finance Bill:
The Finance Bill contains a number of significant changes from the budget. It is unacceptable to introduce these financial changes in a rushed manner on an unsuspecting public. I raised these matters directly in a meeting with the Taoiseach and the Minister for Finance this morning. The Government has already conceded to my request on the issue of the application of the universal social charge to medical card holders.
The Government have also agreed to my request for parents who pay fees for a second and subsequent college student to be deductible against their tax liability.
Bringing forward the pay and file deadline to the 30th of September would have a huge negative impact on small businesses and the self employed. Deputy Lowy told the Minister for Finance that the harsh treatment of the self employed is unfair. This measure would also have serious consequences for farmers because the Single Farm Payment will not have been paid by the 30th of September, leaving farmers with no financial resources to make that payment before the deadline. The government have now agreed to drop this measure.
It is appalling and unacceptable that the proposed taxation measures on banker’s bonuses were not to be dealt with because of the time restriction placed by Labour and Fine Gael on the passage of the Bill. The Minister has agreed to my request to introduce an amendment to deal with this issue.