Marian Harkin (Sligo-Leitrim, Independent) | Oireachtas source

I thank the Social Democrats for bringing forward this very important motion, which allows all of us here on the Opposition benches to call for the immediate introduction of a windfall tax on energy companies and to ring-fence that tax for households, many of whom are struggling to pay exorbitant energy bills, for the many who are living in fear of their next bill, and for businesses, especially small businesses, whose profit margins have eroded or simply disappeared and whose very viability is at risk because of the escalation in energy costs.

The Government has not given any timeline as to when it will introduce a windfall tax on energy companies, some of which have made obscene profits and especially on the backs of a war just on the fringes of the EU. As the motion tells us, ESB's profits in the first six months of 2022 more than tripled to €390 million. The operating profits at Bord Gáis Energy increased by 74% in the same period. I put it to the Minister of State, Deputy Smyth, that not only do we need a timeline, we need a commitment from him to implement a windfall tax as soon as possible. We can argue about the amounts of tax the Exchequer will pull in, but it is crucial that the tax is put in place. Taxation is not only about revenue. It is an instrument that every government has at its disposal to help ensure greater fairness and greater equity in our fiscal system so that those who profit more pay more. We are often told how progressive the tax system is in this State but that counts for nothing unless we take the necessary steps to impose those windfall taxes and help restore the confidence of citizens in our taxation system. People are outraged to see energy costs rising overnight as gas prices increase but remaining at a shockingly high level when gas prices have fallen. People have no faith in the system and windfall taxes would help to restore that balance.

I fully support the call for Ireland to announce immediately its intention, like France, the Netherlands Germany and other European countries, to leave the Energy Charter Treaty.

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