Mr. Brian Keegan:

It is Irish corporation tax assessed on the profits of companies. It is about 10% to 11% of the total Exchequer take and very important to us. Some of the BEPS proposals would, undoubtedly, result in that €4 billion being reduced to €3 billion or €2 billion. I am not talking about Ireland’s foreign direct investment initiatives or offers; rather, I am talking about the amount of money Revenue can collect from us. That is the threat in the BEPS.

In terms of the transparency agenda, there are opportunities for Ireland which could lead the way on many of the transparency issues. I speak to colleagues around the world because Chartered Accountants Ireland has sister organisations in New Zealand and Australia. Revenue is well ahead of the pack in its capacity to garner information from financial institutions because of Acts of the Oireachtas and then to exchange information, as necessary. Other countries are not as well developed in this regard. We would not want Irish taxpayers to be left out on a limb with information flowing that is not properly reciprocated, but we have no difficulty with information exchange in countering tax evasion, in particular.

In terms of the development agenda, undoubtedly, there is a role for taxation. We would not be as clear on the evils of double taxation agreements simply because they are agreements between sovereign nations entered into willingly. The agreement with Zambia dates back to the early 1970s. If it does not suit the Zambians, it is up to them to change or suspend it. We would be careful about suggestions under the development agenda that are too simplistic and do not tackle the real issues.