Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

It is not the case across the European Union that there are site valuation taxes. Tax is based on real market value. The point has been made by my friends in Fianna Fáil that it is the wrong time at the wrong economic juncture, irrespective of whether it is a site or market valuation. The bottom line is that in the original memorandum between Fianna Fáil and the Troika, the former suggested a tax of ¤550 million could be obtained in the first year of implementation. We suggest the tax should be ¤500 million, which is below that target. Whether site or market valuation is used, the net issue is how much will be brought in. We will bring in less than Fianna Fáil suggested notwithstanding the promise they made previously.

My good friends in Sinn Féin have made a number of suggestions this evening. First, they suggest Northern Ireland should have full control of fiscal powers. It is a good idea. I am sure the taxpayers of Herefordshire and Gloucester would like to know that when they hand full power on taxation measures to the Northern Ireland Executive the little cheque that comes to the mantlepiece every month to make up the difference between tax and revenue will be put to one side. Of course, no one is suggesting that. In reality, the English taxpayer foots the bill in Northern Ireland week in, week out to make up the difference between income and expenditure. We do not plan to do it any time soon as we do not have the resources. Sinn Féin has been caught red-handed on this issue. Throughout Northern Ireland, where Sinn Féin is in government nationally and locally, close to ¤1,000 per annum is paid by homeowners. That is rightly so as Sinn Féin has recognised that one must have a broadly based taxation system. On the passing of the Bill, which I do not assume, the question for Sinn Féin is whether they will suggest to the electorate as it did last year that people should not pay.