Brian Walsh (Galway West, Independent) | Oireachtas source

Deputy Boyd Barrett mentioned the ordinary people a number of times in his contribution. Many of the ordinary people are employed because of the rate of corporation tax that is in place which has allowed us to attract foreign direct investment. Our corporation tax rate is a driver of growth and of foreign direct investment, which is ultimately a driver of employment. I was glad to hear the Taoiseach say in Leaders' Questions yesterday that the 12.5% corporation tax rate was not up for negotiation. I understand that tax competitiveness is being considered in the EU at present. Does the Minister of State know the current position on that?

In terms of the effective tax rate versus the headline tax rate, PwC produced a report last year which looked at the statutory corporate headline tax rate versus the effective tax rate of different countries. It showed Ireland in a very good light in that, from memory, the effective rate was 11.8% compared to France's headline rate of 33.3% but where the effective tax rate is 8.2%. Deputy Boyd Barrett mentioned Luxembourg. It has a headline tax rate of 22.5%, but the effective tax rate is less than 5%. We compare favourably in terms of the headline rate versus the effective tax rate. I hope the 12.5% corporate tax rate is protected into the future because it is a big driver of growth and employment. In my own neck of the woods, from speaking to CEOs and the members of the American Chamber of Commerce, they are very keen to ensure that this rate is protected. This Government is intent on doing that.