Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

There has been much discussion about the levy, which was introduced originally to fund a number of initiatives, including the extension of the 9% VAT rate, which is to be welcomed but will require money that was not budgeted for. That must come from the pensions industry. The extension of the 9% VAT rate does not does not need a 0.75% levy on the pension industry. It does not even need a 0.5% levy on the pension industry. A lower amount is required if we are to fund the extension of the 9% VAT rate. There is no justification, beyond a money grab, for increasing the levy from 0.6% to 0.75% and to continue the levy in future years at 0.15%. With regard to the continuation of the levy, we can give measures grand titles such as the jobs initiative, which the Minister of State mentioned-----