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

The Minister of State knows I take a different view on this issue, not such much because of the specific aspects of the double Irish but my concern is about the issue of certainty with regard to Ireland's corporation tax offering. Last year's Finance Bill made a change in respect of stateless companies and now there is a change on the double Irish. I do not believe that our competitors, our rivals for international investment, the critics of our corporation tax rate, will stop at this; they will move on to the next issue. I believe they will keep chipping away until they have eroded and undermined our corporation tax offering. That is my concern in respect of this amendment. We are making a significant unilateral move and I do not see other countries making complementary moves. The BEPS process is in mid-stream and the final report has not yet been received. In my view, anything that lessens Ireland's attractiveness as a country for inward investment is a negative thing. We must retain a competitive advantage in respect of corporation tax. I have concerns although the Government has made up its mind on this issue. I am not suggesting that the sky will fall in. I note the commentary from the American Chamber of Commerce Ireland and others who welcome this change.

I acknowledge the Government has consulted widely and brought people on board, but I remain concerned at the unilateral move and that the issue of certainty has been undermined in respect of corporation tax.