Over 12 months ago a number of constituencies had their commercial rates revaluation process completed. A number of small retailers and people in the hospitality sector have seen a significant increase. In some cases their commercial rates have doubled and trebled. In Westmeath, 56% of our retailers have seen an increase and 41% of our hospitality sector has seen an increase.

However, members of the Government parties assured those businesses not to worry because new legislation was coming before the Oireachtas which would ensure they would not face these new charges. Lo and behold, 1 January has come and they are now liable for these new charges. Businesses are on their knees on the high streets of Longford and Westmeath. When can we expect the long promised revaluation Bill that will ensure that businesses see a fair and equitable charging system, a system that will be proportionate to their turnover and a system that will ensure that they are in a position not to be put out of business?

I have serious concerns on the same issue. I have been approached by a number of people in my own constituency as well. I support Deputy Troy in regard to this Bill. Perhaps the Minister might outline a timeframe and a schedule please.

I thank the Deputies for their questions. In the last quarter of last year, the Oireachtas joint committee decided that it did not need to undergo legislative scrutiny. The Bill is currently being drafted. It is priority legislation for this term. We will proceed with it as quickly as possible.

Will it be retrospective for the last 12 months?