Financial Resolution No. 1. - Financial Resolution No. 15—Excess Profits Duty.

Wednesday, 10 May 1933

Dáil Éireann Debate
Vol. 47 No. 7

First Page Previous Page Page of 38 Next Page Last Page

Mr. MacEntee: Information on Seán MacEntee  Zoom on Seán MacEntee  I beg to propose Financial Resolution No. 15, which provides for the assessment of excess profits duty in cases where businesses have changed ownership:—

(1) That sub-section (2) of Section 45 of the Finance (No. 2) Act, 1915, shall be construed and have effect and be deemed always to have had effect as if the words “at the date of the making of the assessment” were inserted therein in lieu of the words “for the time being” now contained therein.

(2) That where there has been a change of ownership of a trade or business after the end of the final accounting period, the Revenue Commissioners may, if they think fit, assess excess profits duty in respect of any accounting period on any person who owned or carried on such trade or business at any time during such accounting period.

Mr. Cosgrave: Information on William T. Cosgrave  Zoom on William T. Cosgrave  Does that mean cases of changed ownership where the business was bought in the open market, or where it was simply transferred?

Mr. MacEntee: Information on Seán MacEntee  Zoom on Seán MacEntee  It might be better if we adhere to the present arrangement and deal with that to-morrow.

Mr. Cosgrave: Information on William T. Cosgrave  Zoom on William T. Cosgrave  There is a great difference between transferring and buying in the open market.

Mr. MacEntee: Information on Seán MacEntee  Zoom on Seán MacEntee  It covers both. It is merely to give statutory authority to an already existing judicial interpretation of the law.

Resolution agreed to.

The following Resolutions were put and agreed to:—


Last Updated: 17/05/2011 15:36:29 First Page Previous Page Page of 38 Next Page Last Page