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IMEACHTAÍ AN CHOISTE SPEISIALTA.PROCEEDINGS OF THE SPECIAL COMMITTEE.Dé Céadaoin, 18 Feabhra, 1976.Wednesday, 18th February, 1976.1. The Committee met at 11 a.m. 2. Members Present. The following members were present:— Deputy Esmonde (in the Chair), the Minister for Finance, Deputies Paddy Belton, Colley, Crowley, de Valera, Maurice Dockrell, Kenneally, Noonan, and Pattison. 3. Consideration of Bill. The Committee resumed consideration of the Bill. (i) Section 14. Amendment proposed (Minister for Finance): “In page 20, subsection (7), line 20, after ‘is a time’ to insert the following: ‘immediately preceding the accounting period first mentioned in subsection (6)’.” Amendment agreed to. Amendment proposed (Minister for Finance): “In page 20, subsection (8), line 29, to delete ‘one year’ and to substitute ‘two years’.” Amendment agreed to. Section, as amended, agreed to. (ii) Section 15. Amendment proposed (Minister for Finance): “In page 21, subsection (5), line 9, to delete ‘one year’ and to substitute ‘two years’.” Amendment agreed to. Section, as amended, agreed to. (iii) Section 16. Amendment proposed (Minister for Finance): “In page 21, subsection (3), line 45, after ‘is a time’ to insert the following: ‘immediately preceding the accounting period first mentioned in subsection (2)’.” Amendment agreed to. Section, as amended, agreed to. (iv) Sections 17 and 18 agreed to. (v) Section 19. Amendment proposed (Minister for Finance): “In page 25, subsection (3), line 25, after ‘is a time’ to insert the following: ‘immediately preceding the accounting period first mentioned in subsection (2)’.” Amendment agreed to. Section, as amended, agreed to. (vi) Sections 20 to 24 inclusive, agreed to. (vii) Section 25. Amendment proposed (Minister for Finance): “In page 30, in subsection (5), line 52, after ‘Case IV of Schedule D’ to insert the following: ‘for the year of assessment in which the subsequent accounting period ends on an amount the income tax on which at the standard rate for the said year of assessment is equal to the amount of the said tax credit and this assessment shall be’.” Amendment agreed to. Amendment proposed (Minister for Finance): “In page 31, after subsection (6) to insert a new subsection as follows: ‘(7) Any amount on which by virtue of this section income tax is charged on a company by an assessment under Case IV of Schedule D shall not be regarded as income of the company for any purpose of the Tax Acts’.” Amendment agreed to. Section, as amended, agreed to. (viii) Section 26. Amendment proposed (Minister for Finance): “In page 32, in subsection (4), line 3, after ‘Case IV of Schedule D’ to insert the following: ‘for the year of assessment in which the subsequent accounting period ends on an amount the income tax on which at the standard rate for the said year of assessment is equal to the amount of the said tax credit and this assessment shall be’.” Amendment agreed to. Amendment proposed (Minister for Finance): “In page 32, after subsection (5), to insert a new subsection as follows: ‘(6) Any amount on which by virtue of this section income tax is charged on a company by an assessment under Case IV of Schedule D shall not be regarded as income of the company for any purpose of the Tax Acts’.” Amendment agreed to. Section, as amended, agreed to. (ix) Sections 27 to 30 inclusive, agreed to. (x) Section 31. Amendment proposed (Minister for Finance): “In page 38, subsection (3), to delete subparagraph (i) of the proviso to paragraph (d) and to substitute the following subparagraph: ‘(i) paragraph (b) shall not prevent an assessment in respect of income tax at the higher rates and for the purpose of charging to tax at the higher rates any amounts treated as income in accordance with paragraph (c), credit under section 4 (e) of the Finance Act, 1974 (charge to tax of income from which tax has been deducted), shall be given as if, by virtue of the provisions of Schedule D, tax had been deducted (at the standard rate for the year of assessment in which those amounts were paid or credited) from the amounts charged to tax at the higher rates;’.” Amendment agreed to. Section, as amended, agreed to. (xi) Sections 32 to 52 inclusive, agreed to. Further consideration of the Bill adjourned. 4. Adjournment. The Committee adjourned at 1.30 p.m. until 3.30 p.m. on Tuesday 24th February, 1976. |
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