Peter Fitzpatrick (Louth, Fine Gael)

I thank the Ceann Comhairle for the opportunity to speak on this Bill. It is a hugely significant and influential Bill that determines the economic affairs of our nation, not just for the upcoming year but for years to follow. It is this far-sighted and strategic approach, in conjunction with other proactive measures introduced by this Government, which will stimulate economic recovery and create sustainable economic growth.

The Bill will not produce returns tomorrow, much to the delight of some recent national commentators. However, it is part of a plan that will help reignite Ireland's entrepreneurial culture. In conjunction with other measures it will give Ireland the best chance in a highly competitive world and foster opportunities to create jobs. In these times of international familiarity the emerging power and economic strength of the BRIC countries is frequently mentioned. These countries, Brazil, Russia, India and China, make up 42% of the world's population and have a combined GDP of $18.486 trillion.

It is in this light that the innovative tax measures for employees who travel to develop markets for their products and services in these countries should be seen. This is a far reaching initiative brought in to assist Irish business in targeting growing world markets. This epitomises the strategic and shrewd application of economic intelligence by this Government.

International research confirms there are benefits to be gained from identifying and supporting high-performing enterprises. That is what the Minister for Finance, Deputy Noonan, has done by placing a firm focus on Ireland's indigenous sector, with the aim of driving exports, research and innovation.

The Bill has received many column inches over the last few days and it is not for me to itemise and scrutinise each measure in the Bill. Nonetheless there are great boosts for industry sectors such as the health and life sciences, the green economy, agrifoods, digital games, tourism, international financial services, education, construction and the retail sector.

In addition to the incentives brought in, there are also some measures aimed at deterring fraud and strengthening the powers of Revenue. As part of the fight against the illegal trade in marked fuel, the Bill envisages the creation of new licensing requirements for those who trade in marked fuels for such purposes as home heating or agriculture. Authorised Revenue officers are also to be given powers that were given to the Garda by the Criminal Justice Act 2011 whereby the District Court can order the production of certain documents or information which the officer convinces the court could assist the investigation of an offence.

The mixture and balance of measures contained within this Bill will collectively assist Ireland's transition from recession to growth. This Bill is a real effort to put some steel back into Ireland's entrepreneurial ambitions and inject energy and imagination into the way we do business, both at home and globally. As a result I have no hesitation in commending it to the House.

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