DUBLIN – The Republic of Ireland’s general election will take place on Friday – and the parties vying to form the next government have vowed to spend a huge tax on Apple.
In September, the EU’s highest court ruled that the US tech firm benefited from an illegal deal with the country, ordering Ireland to pay more than €14 billion in back taxes and interest.
The major parties have promised to use the money to improve the country’s lagging infrastructure.
Apartment prices are a burning problem
The cost and affordability of housing remains one of Ireland’s biggest social, economic and political issues.
The Republican Party (Fianna Fáil), currently the largest political group, has said it will allocate €4 billion for social and affordable housing.
Another 2 billion euros would go into a new “Towns Investment Fund” whose remit would include infrastructure upgrades to “opened more serviced locations for building houses”.
And their coalition partner, Fine Gael, has promised to allocate more than half of Apple’s money to housing.
Sinn Féin, the largest opposition party, has publicly pledged that €7.6 billion will go to the public housing program if they get into decision-making positions.
It would also allocate €1 billion to a compensation scheme for people whose homes collapse due to faulty building materials.
The Labor Party, which could be a “tace in the balance” after the election, says it will use 6 billion euros to create a state-owned construction company. They claim that this would create “sustainable state capacity to deliver housing” and counter the “profit model”.
Public transport
The Green Party, currently the junior partner in the coalition government, would use the money to improve public transport. They said that they would use 7 billion, plus 3 billion euros of other one-time funds, to implement large public transport projects.
This would include expanding the tram and light rail network in Dublin, as well as reopening the Wexford to Waterford rail line and upgrading existing lines to Limerick and Kilkenny.
Fianna Fáil would allocate €3.6 billion “to improve transport networks”. Fine Gael also has transport and road infrastructure as one of its four priorities, but did not specify the amount.
Water and electricity
Fine Gael’s other two priorities are spending on the water system and improving the electricity grid to cope with the production of more renewable energy.
Fianna Fáil is citing €2.5 billion to support investment in the network and €3 billion for the state water company, including money for residential connections.
Sinn Féin would set aside €2.5bn for energy, including money for a new renewables investment fund. It said the fund would allow the state to invest alongside private companies in renewable energy projects.
The party uses the example of Norway’s sovereign wealth fund, which it says has bought stakes in over 3.5 GW of renewable energy projects across Europe.
Community projects
“Unlocking unused or abandoned industrial facilities” it is part of Fianna Fáil’s City Investment Fund. Fianna Fáil and Sinn Féin are proposing measures that would be described in the UK as “increasing the level of public services at the local level”.
Fianna Fáil’s City Investment Fund would include a funding stream for new public parks and grounds. It is stated that it would support “unlocking unused or abandoned industrial facilities” and helped redevelopment of city centers.
Sinn Féin would invest €1 billion in a new community investment fund to “improve the lives of working class people who have been left in the lurch” by the current coalition.
It would be aimed at what the party calls “the beating heart of Irish life”: sports and play facilities, arts centres, childcare and public spaces. Investitor.me
Source: capital.ba
