Page 4625 - Week 16 - Tuesday, 27 November 1990
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I repeat that the Government is reviewing a whole range of legislation which falls into this category. Given the comments made tonight by the Leader of the Opposition, we would welcome their support in rationalising and modernising a whole series of pieces of legislation which fall into this category.
I think I have covered most of the points that were raised by the Leader of the Opposition and, indeed, by Mr Stevenson. The financial institutions duty tax is a broader based tax. It provides for greater exemptions. I think all thinking persons will applaud the Government's decision to exempt Department of Social Security recipients so that they will not be harshly affected by the impact of this FID tax, as they were in the past. As I said, the class of people exempted under this FID legislation is now being expanded.
That is a good thing, and is something which, I think, would have the support of all members of the Assembly. I welcome that support. I think this is a good step in the way of reform in terms of reducing the number of taxes and the number of charges which are imposted upon the community as a whole.
I can hear Mr Stevenson chuckling and snorting in the background. Generally, he is implying, in his comments, that this is an increase in taxation. It is not. This is a simplification of the taxation system. It is the abolition of a tax - the BAD tax.
Mr Stevenson: And the introduction of a worse one.
MR DUBY: We are not introducing a tax at all. It is an abolition of the bank account debits tax.
Mr Stevenson: I thought it was going up, somehow?
MR SPEAKER: Order, Mr Stevenson!
MR DUBY: It is the abolition of one tax and the rationalisation of another tax which is already in place. I think the average consumer in this society and the average institution in this society will welcome the simplification. One thing we are always looking at, of course, is: why have a series of people who have to pay and do two sets of bureaucratic structures when they can do only one? This is going to be welcomed, most sincerely, by, first of all, the low income earners in this society who are going to be exempted from what is, I think at the moment, an iniquitous tax upon them. Also it is going to be welcomed by people within the financial institutions themselves where it will make the imposition of duties, which they currently have to apply, that much more simple and, in effect, that much cheaper for them. Of course, in turn, that implies lower charges for their customers. I welcome the support of the Assembly and I thank you for it.
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