Oireachtas Joint and Select Committees

Tuesday, 6 September 2016

Committee on Budgetary Oversight

Analysis of Economic Forecasts: Central Bank of Ireland

1:00 pm

Photo of Richard Boyd BarrettRichard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

I understand that Dr. Fagan is limited in what he can say about the Apple ruling. The report is couched in fairly moderate language but if one adds what he has said to what is said in the European ruling it is a fair summation to say that the activities of tax-dodging multinationals are making our economy very vulnerable.

They even mean we do not really know what is happening with the economy because according to the European Union, they are tax dodgers. That is what I think they are and these tax dodgers have now put us in a position in which we do not really know what is going on in the economy and they are making us vulnerable to any shifts or changes that could result from their activities or decisions to move profits or investment elsewhere. Is that not a fair summary? Is it not an obvious follow-on from the EU ruling, which should be of interest to the Central Bank and to everybody, that there must be other companies which are doing the same thing? The whole point of the ruling was it certainly was not something that would have been available to the majority of companies but we all know there must have been other companies that were doing this.

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