Darren O'Rourke (Meath East, Sinn Fein) | Oireachtas source

I do not accept the Minister of State's argument. In fact, I spelled it out there. Sinn Féin's proposals are to bring these measures, in the first instance, in line with the Taxes Consolidation Act 1997. Why should there be preferential treatment in this response for energy companies?

The 50% rate would really be a statement of intent from the Government that it is very serious about collecting this and about ensuring there will not be avoidance, given the circumstances. The Minister of State spoke as an example about people being late with their payments to Revenue.

Let us think of the circumstance in which these super-excess profits are being made while so many people are struggling with the cost of living. We must bear in mind, thanks to the delay by the Government, we are already very late to the table in relation to this. The regime that we propose here actually more closely reflects the type of regime that should be in place given the circumstance of this windfall tax. These are super-excess profits raised on the back of conflict in Europe. Families are increasingly driven into energy and fuel poverty and they are struggling with the cost of living. We have heard from economic commentator after economic commentator about the role of profiteering in driving inflation, as opposed to the ordinary increases in terms of the supply chain or whatever it might be.

Coming out of Covid and the war in Ukraine has been a bonanza for certain companies. It is important that governments, here and across Europe, introduce legislation that is robust and effective and determines the rules of engagement. Our proposal is proportionate. Any company that is affected by this temporary solidarity contribution can avoid all of these costs by being on time. I do not think the Minister of State's argument is reasonable when he says we have been slow to this and we want to give ourselves a bit of time and space because these are complicated matters. That is simply not acceptable. I do not accept his argument.

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