Oireachtas Joint and Select Committees

Wednesday, 14 November 2012

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Scrutiny of EU Legislative Proposals.

5:05 pm

Mr. Gary Tobin:

It certainly is. By way of reply, we are consumed by the financial crisis that Europe faces at present. I believe that at present, 21 of the 27 European Union member states effectively are in excessive deficit procedures. That means that 21 of the 27 European Union member states have deficits greater than 3% of GDP at present. At present, companies crave certainty above all else. When we talk to companies - as we do because the IDA brings in companies that may wish to locate into Ireland to talk to us - what they ask more than anything else is for certainty. While this purely is an anecdotal piece of information, companies have told me that they seek certainty and have asked that we neither increase nor reduce the corporation tax rate. They simply seek certainty to be able to plan.

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