It has become clear that the revaluation process currently being conducted in Waterford by the Valuation Office will result in businesses, and retailers in particular, going to the wall in large numbers. The Valuation (Amendment) Bill 2012, which was introduced in the Seanad, provides for an entirely different system of assessing rates for businesses based on self-assessment by the property owner. In light of the enormous damage that will be done by massive increases in rates bills for businesses, will the Taoiseach undertake to expedite the aforementioned Bill?

I understand the Bill is on Committee Stage in the Seanad. I am aware of its implications. It is a matter for the Seanad to deal with the Bill before it comes before the Dáil. At the current rate of progress, I do not envisage it coming before us prior to the summer recess.

I understand that but I am conscious of the damage that will be done with the revaluation process currently underway by the Valuation Office.

The Bill has been drafted and introduced because it provides for a better way of assessment - self-assessment by businesses. This is extremely important because businesses will go to the wall under the existing system of revaluation by the Valuation Office. It is absolutely imperative for the Government to expedite the passage of the Bill through the Oireachtas.

I take the Deputy's point and will discuss the matter with the Seanad authorities to see what their schedule is. The Deputy will be aware that the process of rates being imposed on retail businesses on the basis of valuations has applied for many years. The taxation base is being broadened, for example, through the introduction of the property tax. Last year most local authorities were able to reduce rates or suspend rate increases.

The existing legislation-----

I am sorry, but I cannot have further discussion now.

This is germane. The existing legislation was drafted in 2001 in completely different economic times.

Of course; I am well aware of that.

We cannot have a discussion on this issue.

I will get back to the Deputy on the matter.

I thank the Taoiseach.