Mr. Michael Taft:

Only a handful of companies will be affected by it. It will not have a significant impact on tax revenue or the effective tax rate. The reason for investigation, analysis or criticism of the Irish corporate tax regime is not the effective tax rate but what is perceived as our role in the global tax avoidance network. The problem is not the tax rate, it is how we allow companies to use our economy as a transfer conduit. There is a big debate as to whether we do that in our law or whether it is a function of other countries' laws. The debate is not about the effective tax rate in that regard, it is whether we are a tax haven conduit.