Bertie Ahern (Dublin Central, Fianna Fail)

I will explain to the House the reason I do not accept the Deputy's view. Given that the number of people working here is double that when many of these schemes started, we are not paying the same high levels of taxation or interest on the national debt. Savings of hundreds of millions of euro have been made in the economy. We have primed an economy to a state where there is investment, activity and employment, and taxes are generated.

The advice was given to successive parties and Governments that on every scheme up for extension a year should be taken to do an economic analysis, but most of these schemes would never have happened if such advice had been heeded. I acknowledge there are areas where bright sparks have managed to find ways to use the schemes and that every year — and I suppose this will happen every year forever more — it is necessary to close down loopholes on budget night. This is one of the best economies in Europe, based primarily on the building-up of intelligence, incentives and activities for investment. I remind the House that 3% of the highest earners in this country pay 28% of the total tax take. It is always necessary to keep an eye on investment schemes but we do not wish to create a culture where our people invest all over the world.

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