Agenda Profile: Aivar Sõerd
Draft law amending the Income Tax Act and the Mandatory Pension Act (434 SE) - Second Reading
2024-11-06
15th Riigikogu, 4th session, plenary sitting
Political Position
The speaker strongly supports modernizing the Income Tax Act and making the investment account framework more flexible by expanding the list of permitted financial assets to include covered bonds, regulated crowdfunding, and crypto assets. The political focus is pragmatic and aimed at resolving specific bottlenecks within the financial sector, while simultaneously guaranteeing the option of tax deferral. A further objective of the draft bill is to eliminate taxation discrepancies that have become apparent in practice.
1 Speeches Analyzed
Topic Expertise
The speaker demonstrates profound expertise in financial and tax legislation, utilizing specific terminology (e.g., the Prospectus Regulation, leveraged loans, acquisition cost of crypto assets, covered bonds). They are capable of explaining in detail the substance and rationale behind complex amendment proposals, referencing the harmonization of statutory provisions with current regulatory frameworks. This expertise is based on close interaction with the Ministry of Finance and key market participants.
1 Speeches Analyzed
Rhetorical Style
The style of delivery is formal, procedural, and analytical, concentrating on the detailed reporting of the Riigikogu proceedings and the committee's decisions. The tone remains neutral and informative, eschewing emotional appeals and relying solely on the technical substance of the legislative changes and the consensus decisions reached by the committee. The speech is structured to provide a brief and concise overview of the content of the proposed amendments.
1 Speeches Analyzed
Activity Patterns
The speaker has been actively involved in legislative work, citing four Finance Committee meetings held between the first and second readings. He/She is actively participating in drafting amendments alongside the Ministry of Finance and the Ministry of Defence, and is consulting with various interest groups to gather further input. The second reading was scheduled for November 6th, and the final vote for November 13th.
1 Speeches Analyzed
Opposition Stance
No opposition is being voiced; the focus is on solving problems identified by market participants and ministries and adopting decisions based on consensus. No amendments were received from Riigikogu factions or members, which indicates broad support for the committee's work.
1 Speeches Analyzed
Collaboration Style
The cooperation style is consensual and inclusive, emphasizing close collaboration with the Ministry of Finance and the Ministry of Defence when drafting the proposed amendments. Crucially, stakeholders (e.g., the Banking Association) were involved, and the majority of the amendments were drafted based on their feedback. All committee decisions regarding the further processing of the draft legislation were made by consensus.
1 Speeches Analyzed
Regional Focus
The main focus is on national tax regulation and the flexibility of financial markets. A separate regional issue was introduced via Amendment No. 9, which addresses extending the income tax exemption to grants paid out of the Ministry of Defence budget for the mitigation of disruptions caused by the Nursipalu training area.
1 Speeches Analyzed
Economic Views
Supports measures promoting economic growth that increase the flexibility of investing financial assets and expand investment opportunities (crypto assets, crowdfunding). Demonstrates a strong willingness to consider the technical concerns of the financial sector (Banking Association) by resolving taxation bottlenecks (e.g., leveraged loans, bond redemption).
1 Speeches Analyzed
Social Issues
Regarding social issues, the extension of income tax exemption to compensation for non-pecuniary damage awarded by out-of-court dispute resolution bodies is being addressed. Furthermore, the tax treatment will be extended to support payments made to mitigate the impact of disturbances arising from the training areas of the Defence Forces and the Defence League.
1 Speeches Analyzed
Legislative Focus
The legislative priority is the successful passage of the draft amendment to the Income Tax Act and the Funded Pensions Act (Bill 434 SE), specifically focusing on updating the rules governing investment accounts. The speaker serves as the committee rapporteur for the bill and the coordinator for drafting amendments, emphasizing that 12 amendments have been adopted. The objective is to bring the bill to the final vote on November 13th.
1 Speeches Analyzed