TAX exemptions, similar to those applying to writers and artists, were suggested by Mr Ned O'Keeffe (FF, Cork East) to attract millionaire business people to live in Ireland.

He said there were many people in the United States and Britain earning in excess of £1 million annually. "To attract some of them, with their ideals, flair and track record of achievement, would not do us any harm at all. It is sad to think that some of our prominent captains of industry, who have helped to create considerable employment in this country, feel they have to live abroad to avail of the tax concessions and to protect the security of their families."

Mr O'Keeffe suggested that a provision whereby they were taxed on the first £500,000 of their income would attract these business people.

Mr O'Keeffe, who was speaking during the Budget debate, welcomed the allocation of £100,000 to preserve the memory of James Joyce. "I have to say, however, that in my school days, the late Canon Sheehan was a more favoured author."