Mr. Tom O'Brien:

Yes, income tax. The fact that we have 35% of workers not paying income tax means that there is a smaller base to broaden.

The second point is that the largest landlords within the country are earning multiples – hundreds – of millions of euro in rental income and paying 0% tax. The Minister for Finance said in commentary around the budget that those funds pay tax but they just pay it in a different way. That is not the case. Irish real estate funds, IREFs, and real estate investment trusts, REITs. They pay 5% tax. Much of the tax they do pay, which is dividend withholding tax, is reclaimed by the individuals that the withholding tax is stopped on because they are either taxed in an area where there is a double taxation agreement in place or they are taxed in an area where they are tax exempt. Recently, I believe it was the Sunday Business Postcommented on the fact that Revenue itself has indicated that there have been tax refunds sought in the order of €13 million from those investors where they have had their withholding tax stopped and then they reclaim it. There is no tax contribution from those landlords, as far as I can see. One apartment held by an institution versus one apartment held by a private landlord is the same. It is one unit of stock. There is no justification for not taxing those organisations. The Opposition, the Deputy’s party included, and Government have been supportive of those funds and they see them as a key player in providing stock. Nobody has sought to think whether those funds can pay some tax and the base be broadened-----