John Lahart (Dublin South West, Fianna Fail) | Oireachtas source

In my own modest way, I was a big believer in and proponent of the rainy-day fund on the Joint Committee on Budgetary Oversight. With regard to what Deputy Doherty said, if there is to be some kind of a windfall, for want of a better term, as a result of this increase in the standard rate of corporation tax, how do we marry that with the consistent commentary by IFAC, the Economic and Social Research Institute, ESRI, and the Governor of the Central Bank in speaking about an over-reliance on corporation tax? How do we set in train some kind of mechanism if we see an increase as a result of the increase in the rate? How do we ensure that is used in the most prudent way? The Minister gestured towards that at the end of his contribution. Has any examination taken place of what changes may occur in corporation tax for 2022 in terms of the revenue we might derive from it? We constantly undershoot the runway when it come to predicting corporation tax revenues. Officials from IFAC and others always find it difficult to explain this point. It has been said for the past five years that we must not become reliant on corporation tax and that there is an over-reliance on it for day-to-day spending. However, we are seeing significant year-on-year increases in corporation tax revenue. What is the thinking on any increased revenues that might come in as a result of the increase in the base rate? What is the stance of the Minister and the Government on how they utilise that money in terms of the rainy-day piece and ensuring we do not become-----

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