Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The whole issue of the double Irish, whereby we have two Irish incorporated companies, one resident here and the other non-resident, and the transfer pricing arrangements have caused reputational damage to the country. I am assuming this is one of the reasons this proposal has been brought forward. The Minister is giving existing companies a period of time to restructure or redesign their taxation affairs. My concern is that I am not sure whether this change will, on its own, make a significant difference. The Minister's answer to the question about the tax yield will probably be instructive in that regard.

The changes being promoted through the OECD's base erosion and profit shifting, BEPS, project are critically important and the Minister has committed to playing a full and active part in that initiative. It is the way forward. This step does not in any way place us at a disadvantage in terms of our corporation tax offering. I have no difficulty with the Minister meeting representatives of Apple or any other multinational company. In fact, he should be doing exactly that on an ongoing basis as part of his work to retain existing investment in the country and win our share of new investments. I look forward to his response.