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

Apple has been the subject of much debate here and in other jurisdictions in the wake of the discovery that one of its subsidiaries - a fairly profitable subsidiary - has no tax residency anywhere in the world. We do not know whether that company is on its own in this regard. The Minister is now proposing, rightly so, that companies which are incorporated here and have no tax residency anywhere in the world should be resident here in the light of their incorporation. He considers it right and proper that this should be done but only in 13 or 14 months time. In the meantime, we will continue to facilitate companies that have no tax residency anywhere in the world and, although incorporated here, are not paying one penny in tax on any of their profits. We know this is wrong and although it is being rectified, the change will not be made until January 2015 rather than, as I proposed, on 1 January 2014. I welcome the substance of the provision and what the Minister is seeking to do. I am curious, however, as to why the date has been pushed out.

Can the Minister give any estimate of the additional revenues that might accrue to the State as a result of this measure? Will he also indicate the number of existing companies to which the provision will be applicable?