Oireachtas Joint and Select Committees

Thursday, 1 October 2020

Committee on Budgetary Oversight

Pre-budget Engagement: Minister for Finance

Photo of Bernard DurkanBernard Durkan (Kildare North, Fine Gael) | Oireachtas source

Commissioner Vestager has reiterated her intentions to help us out in the future. One of the things that is damaging is this notion that 0.0001% in tax is paid by a particular firm, and this is used in justifying the pursuit. It is bad PR for this country, particularly because it is not correct. My understanding is that the firms in question pay 12.5% corporation tax in this country, where they are manufacturing, and the rest is drawn from other manufacturing locations throughout Europe, and sometimes outside Europe. The presentation of the carrot in front of the donkey that was already well burdened leaves people to conclude that we are that particular donkey and we intend to be in that position for a long time. Will the Minister comment? It is another whammy that is sitting there waiting. The pretence is that there is money there for us. I do not believe there is, but that is neither here nor there.

My second question is in regard to the recovery. I noticed one day last week about 60 trucks on the motorway heading for the port - huge trucks with six axles and more, heavily laden. I presume they are serving manufacturing industries which are making frantic efforts to catch up, and which I believe will catch up quickly. Hence, I do not think we should penalise them in their part of the recovery, which would be a disincentive. Can we rely on the extent of the recovery in the time ahead, which will be very important?

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