Sinn Féin spokesperson for Communications, Energy and Natural Resources, Michael Colreavy TD has today welcomed the news that an estimated one billion barrels of oil have been found off the coast of Kerry.
However, Deputy Colreavy has also highlighted the poor tax take from Irish oil and gas.
Speaking from Leinster House today Deputy Colreavy said:
“It is encouraging to hear that there has been a discovery of oil off the south west coast. Such a find indicates the potential wealth that lies off the Irish coast in oil and gas reserves. We should use this opportunity to reassess the taxation terms that we place on oil and gas companies.
“At the moment oil and gas companies pay very little tax on oil and gas that they extract from Irish waters. In fact, Ireland has one of the lowest tax rates for oil and gas companies in the world.
“Sinn Féin calls for a 50% tax on oil and gas profits and a 7.5% royalty. If we do not act now to redress the tax system, oil finds such as the one off the coast of Kerry could be effectively worthless to the Irish people.”