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

If the other point is valid, Mr. McCaughey's point that Ireland is very attractive at 12.5% and the rules are being used legally to transfer profits into Ireland, then surely we would have a bonanza of corporation tax given the presence of multinationals here, and we simply do not have that? We get approximately €4 billion which, as Mr. Keegan stated, is 10% of our total tax take. That, as I understand it, would be out of line with other countries where corporation tax would form a higher percentage of their total tax take. We are getting the bad reputation but we are not really getting the benefits in terms of corporation tax. We are getting jobs through multinationals but it seems that the offshore destinations are a far bigger problem.