Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

I thank the Minister for that. I will withdraw the amendment. I have been banging on about this matter for quite some time and the Minister is aware that my party supports the retention of the 12.5% rate. We voted in the Dáil on a number of occasions to show our support in respect of that matter. It is interesting that the Minister referred to a conversation in which he was involved. I was informed about a conversation which took place in respect of the multinational sector recently and in which it was stated that the 12.5% rate is not the issue but rather the focus is on how companies can reduce their profits in the State in order to pay a lesser rate. While we may not be to blame for it, the fact is that profit shifting is taking place on a global scale and among companies located in Ireland. The latter are entitled to engage in such profit shifting under the structures which currently exist.

The OECD report refers to an action plan and to legal mechanisms which could be put in place to address the concerns which have arisen. I have no desire to go off on a tangent but I am genuinely of the view that there is a need for a proper discussion on this matter. Regardless of whether we like it, the reality is that, as the Minister indicated, people in particular forums, groups and think-tanks - and also those in committees of other parliaments across the globe - are discussing Ireland's corporation tax rate. Although it pops up every so often, that rate is not the issue. The real issue is the profit shifting that is being engaged in by companies in Ireland. Companies from other jurisdictions which are located here are using Ireland and other countries to write down their profits and then pay low corporation tax on them.

While the discussions to which I refer are taking place, the Members of this Parliament in general have basically stuck their heads in the sand. If it is the case that we have a transparent, open and acceptable low corporation tax regime - and as the Minister stated, we make no apologies for it - we should engage in an informed discussion in respect of it. I do not have before me the material which would allow me to state that Ireland is no different from other countries. It is important that this committee be facilitated in respect of this matter. It should be ourselves rather than politicians in London, America or Australia who should be discussing what is happening with Ireland's taxation regime. The fact is that neither the Parliament nor this committee have discussed this matter. The Minister has stated on previous occasions that such a discussion could be held with the committee. I hope we can do something productive to put to bed the myths or expose the truths - if there are either to be exposed - in respect of this matter.