Rose Conway-Walsh (Mayo, Sinn Fein) | Oireachtas source

The Minister for the Environment, Climate and Communications, Deputy Eamon Ryan, is at last set to bring a windfall tax, or what is called a temporary solidarity contribution, on profits in fossil fuel production. In Ireland that means the Corrib gas field, which trebled profits in the first six months of 2022 to an estimated €560 million. That puts it on course for €1 billion of profits in the year. This is particularly hard for people to hear as we know it has not paid the corporation tax over the years, instead offsetting the tax liabilities with historical losses incurred by former owners of the gas field. The design of the windfall tax, as it is stated by the Council of the European Union, is far from perfect, as it lets the company keep the vast majority of the windfall profits. They keep all of their normal profits, plus an extra 20%, and then they keep 77% of the windfall profits over and above that. Despite all of these limitations, the windfall tax provides a window of opportunity. Will the Tánaiste consider ring-fencing some of it for investment in the local community, given that the local community saw very limited benefits and given all the turmoil in the community? It would be an important gesture for the people of Mayo and Belmullet, particularly for the likes of Belmullet Community Hospital and the R312.

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