Brian Cowen (Laois-Offaly, Fianna Fail)

The purpose of the Commission on Taxation is to examine the taxation code. As I stated during discussions on Committee Stage of the Finance Bill, it has broad terms of reference to enable it to examine the gamut of matters that it believes are germane to improving our tax system. It is set out in the programme for Government that, subject to the controlling economic and fiscal framework, the Government will implement a specific approach. Our first priority remains low and middle income earners. Our first task is to use tax credits and bands to keep low income earners out of the standard rate band and average income earners out of the higher band. We have made further commitments on the basis of having a controlled economic and fiscal framework. The assumptions we made are on the basis of achieving 4.5% annual economic growth. Since autumn we have seen turbulence in the financial markets and growth predictions worldwide have moderated. Over the programme for Government we continue to have these proposals at the forefront of our minds on the basis of what is responsible fiscal policy.

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