Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

The point about VAT is that we brought the numbers back up to where they were. I am not sure whether Senator Mac Lochlainn knows how we paid for that in the first place. We did so by putting a levy on people's pension pots, which generated hundreds of millions and eventually billions of euro to provide the hospitality sector with a much needed boost. The industry was appreciative of the measure at the time and knew and understood that the standard rate would eventually be restored. Many different aspects of the provision were considered at the time, including the argument that only businesses in Dublin should be returned to the higher rate. However, the simple fact is that, according to the VAT law of this State, we cannot apply a regional rate. If Sinn Féin is being honest in its intentions in proposing a wealth tax, it should acknowledge that property is the largest form of wealth in this State by a country mile.