State must increase taxes to benefit from West Cork oil finds

The Barryroe test rig. Pic: Providence Resources

WEST Cork Sinn Féin have issued a statement calling on the Government to look at the current tax regime in light of recent oil and gas discoveries off the West Cork coast.

 

The recent announcement by Providence Resources regarding the extent of oil and gas in its Barryroe field, is to be welcomed.

It is estimated that there may be up to 1.6 billion barrels of oil which at current prices would represent a value of up to €160 billion.

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TD “shocked” by increase in tax arrears

Jim Daly "shocked" by the figures

A WEST Cork TD has expressed his shock at figures supplied to him by the Minister for Finance, Michael Noonan, which reveal that the amount of tax owed to the Revenue Commissioners has doubled since 2007.

Clonakilty-based Fine Gael TD Jim Daly said that the figures represented a shocking increase in just four years, adding that they underline the hardship facing businesses nationwide.

“Small business owners are seriously suffering in the current economic climate. Entrepreneurs are the life-blood of our economy, whom we all depend upon to create new employment and therefore boost demand for other services.

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-This project is supported by the West Cork Development Partnership under the Rural Development Programme 2007-2013 -