Rose Conway Walsh (Sinn Fein) | Oireachtas source

I thank the Minister for coming to the House to present the Finance Bill. While I am reluctant to disturb the Mills and Boon like love-in that has been going on in the House since this session started, there are some issues of which we must be mindful. The first of these is the fact that we have 10,000 people who are homeless and approximately 1 million people on waiting lists. We need to examine exactly what this budget is delivering which is only a few euro in people's pockets and even that has not been done fairly. The Government's own figures published on budget day recognise this fact.

The Fianna Fáil Senators in the House are constantly pleading that they have taken the more difficult path. The difficult path is the one that mothers, children and families have to take to the Capuchin Day Centre, to Society of St Vincent de Paul centres and to other charities to fulfil their most basic needs. That is the difficult path. Fianna Fáil representatives say they are economically responsible but putting Fianna Fáil and the term economically responsible in the same sentence is laughable. Last night, the Fianna Fáil councillors on Mayo County Council voted in favour of a 2% increase in the commercial rates for businesses. The small indigenous businesses that we constantly talk about are once again paying the price.

This budget means that a single worker on €20,000 per year will receive €14 extra per year as a result of tax changes, which is very far away from €5 per week. At €30,000, the same individual will get €39 per year but a self-employed married person on €70,000 gains €15 per week. Some gain more in one week than others gain in a whole year. I will not exaggerate the tax cuts. They were modest overall but the pattern is very clear. The Minister is set on chipping away at the tax base and repeating the mistakes of the past. I wonder if he will let us know how many other tax policies Fine Gael will devise. In a very short space of time we have had talk of abolishing the USC, merging the USC with PRSI and now we are being promised an increase in the tax bands. This is completely inconsistent and policy making on a wing and a prayer is very dangerous.

I will focus on some areas of concern with the Bill. The approach to the betting tax is wrong. Sinn Féin has consistently called for a greater level of tax on the betting sector, something from which other parties have run scared for a long time. When I worked in the betting industry in Britain, the tax rate in operation was 10%. A 10% tax was levied on every bet placed. Betting tax must be imposed correctly and fairly. We are all aware that the betting sector is unified in its position on this tax and has called for a gross profit tax to be applied. We need to look at that with fresh eyes.

The acceleration of the tax break for landlords is indefensible at a time when rents are increasing so much. Sinn Féin has outlined what is needed, namely, a freeze on rents, a tax relief equivalent to one month's rent and much more supply. This is the type of message a budget should deliver, one that shows that the Government knows what is going on in the real world and understands where the real need lies. Instead, what we have is the Government looking after vested interests once again.

The complete lack of willingness on the part of the Government to correct its mistake by failing to tax intangible assets onshored between 2015 and 2017 is arrogant. It has closed the door but will not clean up the mess. I welcome the fact that it has closed the door but we could have an additional €750 million for housing and health if the Government stood up to the multinationals for once and did the right thing. Likewise, it has introduced an exit tax, which is also welcome and is required under the agreements to which we have signed up. However, it has been set at 12.5% instead of 33%, the normal capital gains tax rate. This is most definitely a capital gains tax because it is taxing profits that have been made. There is no reason for setting it at only 12.5% but it was requested by one tax company and the Government has delivered.

Who can afford to pay more tax than the banks? It is pathetic that the Minister will not tax them, potentially generating €175 million to be spent on health and housing. Fine Gael actually changed the law so that the banks will not have to pay tax for up to 20 years. Why? The reason is that there is an ongoing bailout of the Irish banks by the Irish people. Government policy has been to put the banks first. All policy decisions on banking have been about protecting the banks above protecting the public. The Government is fattening up the banks for sale by letting them gorge on workers. Increased competition is required but so too is reform. This must include mortgage interest rates caps, taxing the banks' profits and a ban on sales of family home loans to vulture funds.

I welcome the extension of section 481 relief which is a key and central component of the film industry. There is no doubt about the benefits of this tax relief which is recognised by the vast majority of the industry. It should continue to be part of State tax policy into the future. Having said that, concerns about labour standards and tax avoidance in the industry must be addressed.

I am concerned at the deletion of subsection 949AG in the Principal Act through section 55 of this Bill. Some tax advisers are of the view that this deletion is unwise and I hope to have the opportunity to thrash this out with the Minister on Committee Stage.

The Finance Bill implements a bad budget and misses the opportunity to create a fairer Ireland. It does not deal with major issues like property tax reform or carbon tax plans. Fine Gael and Fianna Fáil cannot run away from their own tax and its logic of a tax based on the value of forever. Sinn Féin will, therefore, oppose the Bill.