Martin Ferris (Kerry North, Sinn Fein)

Sinn Féin welcomes a number of the measures in the Finance Bill. Chief among these must be the increase in tax credits to exclude those earning the current minimum wage from paying tax. I hope the Minister will maintain this principle in his next budget to exclude those on the new rate set on foot of the current recommendations. I support the demand of the ICTU that the minimum wage be set at €8.75 per hour.

A further issue is the high rate at which many of those on PAYE continue to pay tax. This must be set against the continuing ability of certain sections of society to enjoy massive tax breaks and other concessions, not to mention those who seem to be able to avoid paying tax.

Sinn Féin makes no bones about advocating an increase in the level of corporation tax. While it has been claimed this would act as a disincentive to business, a higher rate is sustainable, as has been proven by the experience of other countries. The major beneficiaries of our low rate of corporation tax are non-national companies which earn large profits because of the skills and other resources made available to them. Despite this, many of them contribute little in the way of direct tax.

We also have the position regarding our natural mineral resources, whereby companies such as Shell, which has the licence for the Corrib field, are provided with terms unknown anywhere else in the world. We must bear in mind that the current terms are the consequence of changes made in 1987 and 1992. When we revisit those circumstances, we must also acquaint ourselves with the fact that some of those involved in these changes are known to be corrupt. It is necessary in the interests of all citizens that an investigation is carried out into what happened during the period when our natural resources were effectively sold off to multinationals.

It has been claimed that the terms are a necessary incentive to multinationals to commence exploitation of our mineral deposits but the evidence suggests these companies are content to maintain their licences and initiate operations at their leisure, with little or no input from the State or reference to the needs of people. It is grotesque that multinational oil companies are able to write off in tax the cost of exploration undertaken anywhere in the world against dividends which may be forthcoming from Irish waters. It is also grotesque that oil companies working off our shores are doing nothing to engage Irish labour and are actively working against employing Irish men and women on oil rigs because they are afraid their workforce will unionise. That this was allowed to happen is an indictment of successive Governments.

Norway is an example of a country which has used its natural resources in a manner that has allowed it to develop into one of the most successful economies in Europe without the necessity to join the European Union. Norway is also proof that exploration companies will not up sticks if they are asked to pay a proper rate of tax or if the State maintains an active interest in natural resources on behalf of its citizens. What has been done in Norway is an example for this Government and for aspiring Governments. It has managed to exploit its resources for its people.

I wish to raise a specific item which, if it cannot be addressed in Government amendments to this Bill, should be catered for with a Supplementary Estimate. There is a definite need for a Supplementary Estimate of €7 million for front-line women's services, including refuges and services which deal with victims of sexual assault and other physical abuse and crises for women. This would bring the total to €9 million in 2005. I also urge the introduction of a ring-fenced multi-annual funding package for these services from 2006 onwards. This is not much to ask but it would make a massive difference to the lives of many women. Indeed, it could help save lives.

Another issue Sinn Féin would like to see included is an increase in overseas development aid to ensure the target of 0.7% of GNP is reached, as promised, by 2007. There is also the need to ensure the second €10 million for tsunami emergency humanitarian relief is additional spending and does not come from the existing emergency humanitarian assistance budget.

An area where the Minister can play a major role in promoting a sector that could potentially have massive benefits for the economy is in regard to biofuels. With the coming into effect of the EU directive which will require that 2% of all transport fuels are obtained from this source by the end of this year, rising to 5.75% by 2010, this country will need to actively promote measures to encourage this.

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