Gerald Nash (Louth, Labour) | Oireachtas source

We have a cost-of-living crisis and inflation is high. One of the perverse things is that when inflation is high and goods and services are more expensive, the Exchequer is laughing all the way to the bank with increased VAT returns. It is important to reflect on that and to pass back as much as possible of that increase, or bonanza, to those who need it most by way of an extension of measures like those that were originally introduced in April, such as the VAT reduction on energy bills, and further extended in the budget.

I would like to ask the Minister a related question. Where stands the windfall tax on energy companies? What is the position on that at the moment and what is the expectation in terms of the introduction of what we might describe as a windfall tax which we are now permitted to introduce? It is something we should have done quite some time ago. What is the expected gain for the Exchequer?

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