A national resource

The huge oil field off Kinsale will be worthless to the Irish economy unless our over-generous fiscal regime is altered.

Former FG Minister Ivan Yates has written that while the headline tax take can be up to 40% the effective tax rate could be as low as 7% (Irish Examiner, Sept 8, 2011).

Providence Technical Director John O’Sullivan has said the Barryroe oil “may” be refined in Cork. Since Whitegate needs a €300m upgrade it’s more likely the find will be shipped to the UK or Holland.