Sean Barrett (Independent) | Oireachtas source

I also welcome the Minister of State. I thank the Minister, Deputy Noonan, for his thoughtful and thorough replies to the debate. We are trying to get things done better in the country, which is the spirit in which the debate is being conducted.

I am against tax breaks for airlines' hangars. I do not know what market failure it is supposed to be addressing. We have extremely profitable airlines. In fact, the world's most profitable airline put in on St. Patrick's Day the world's largest international order for new aircraft this year. The leasing business is prosperous. When Guinness Peat Aviation, GPA, was in its hay day, it created many millionaires. This tax break is for highly profitable airlines to buy hangars in which to keep their aircraft.

This section of the Bill proposes that extremely rich individuals can reduce their tax liabilities by subsidising hangars, which will presumably be built at high cost by the construction industry, which is in the know in this regard, and rented to highly profitable airlines. I oppose the section because I do not know why we got involved in this type of enterprise. However, I will not push the matter. We cannot subsidise everything out of a bankrupt economy. It seems that the aviation sector is doing splendidly.

If it knows there are subsidies available, it will be only delighted to meet the Minister for Finance, Deputy Michael Noonan, and the Minister of State, Deputy Brian Hayes. What is the point? Government subsidies are intended to help those on low incomes to survive, but this is a case of high net worth individuals getting tax breaks in respect of the provision of hangars for airlines. The leading Irish airline is worth about 35% more than the leading American airline. It is a highly profitable business. Why at a time when we are introducing a tax on houses in which people live are we giving it subsidies to house aircraft? This is one of several strange aspects to the Finance Bill, given the difficulties faced by people throughout the country. However, I do not propose to push the recommendation to a vote.