Alan Dillon (Mayo, Fine Gael) | Oireachtas source

I am delighted to get the opportunity to contribute to this debate. I stand in strong support of the Finance (No. 2) Bill 2023 and its provisions to cement the Government's promises made in budget 2024. This Bill represents a diligent effort - and I commend the Ministers, Deputies McGrath and Donohoe - to ensure that our national financial backbone remains sturdy, fair and responsive to the needs of our citizens.

The cutting of income tax and USC highlights our Government's consistent mission to ensure that hard-working individuals retain more of their hard-won earnings. With the amendments in section 2, we are raising the threshold for the 2% USC rate to safeguard minimum wage earners and offering widespread relief to the workforce.

Our Government is committed to education and welfare, and that is reflected in the tax exemptions for student nurses and the support for councillors during maternity leave, ensuring that we support those who serve our communities.

The extension of the help-to-buy scheme reaffirms our dedication to making homeownership accessible. Sinn Féin and the Labour Party, as we have heard previously, want to abolish the scheme, denying young people an opportunity to save for a deposit or get on the property ladder. Since its inception, the scheme has helped more than 42,000 families secure the dream of homeownership. Now it is proposed to expand its horizon and extend its validity, including to local authority affordable purchase scheme beneficiaries.

Sections 9 and 11 further exemplify the Government's aim to put more money back into the pockets of our citizens. The rise in the standard rate cut-off point, the consistent increase in personal tax credits and the boosted renter's tax credit are all strides towards financial security and affordability for every individual. This Government has demonstrated its commitment to sustainable living in the provisions for VAT refunds for charities, mortgage interest relief, tax relief for retrofitting and renewable energy investments. Not only are we taking steps towards a greener Ireland but we are also ensuring that these measures translate to tangible benefits for our people. Businesses, which are at the heart of our economy, have not been overlooked. Measures to aid them against rising costs and initiatives such as the research and development tax credit increase and support for our film and TV production sector ensure that our businesses have the supports they need to thrive.

Our agricultural sector, the backbone of our country, sees provisions such as the extension to the capital allowance relief for farm safety equipment and support for young trained farmer stock relief strengthen our commitment to both innovation and safety.

Recognising the strain of rising energy bills, the Government has chosen to maintain the reduced VAT rate on electricity and gas, offering considerable yearly savings to consumers.

This Bill represents not just an accountancy practice but a comprehensive plan to invest in our nation's future, from protecting the vulnerable, fostering businesses and supporting homeownership to championing green initiatives. The Bill is resilient, compassionate and forward-thinking.

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