National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Bill 2020: Committee and Remaining Stages
Seanad Éireann — 2020-07-17
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Eamon Ryan (GP), Dublin Bay South

I do not propose to accept the amendment. The purpose of the Bill is to establish the climate action fund and provide for the use of surplus NORA levies to be paid to the fund to pay for climate action projects. There may be another mechanism to achieve the Senator's objectives. The programme for Government contains a commitment in respect of the establishment of a tax commission which, in my experience, would typically complete its work within a two-year period. When this energy transition takes place and, hopefully, we see a reduction in the revenues generated from the sale of petroleum and related products, we will be asking the tax commission about the gap that will exist in our tax base and the adjustments that will be required to fill it. That will require wide-ranging thinking and a simultaneous assessment of taxation policy and social welfare policy. Taxation policy in particular will have to evolve to answer the question. I cannot accept the amendment but I think the tax commission should be given a specific brief to answer some of the points that the Senator has raised.

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Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/seanad/2020-07-17/debate/main
Retrieved: 2026-08-14T04:48:26+00:00
Sitting date: 2020-07-17