David Cullinane (Waterford, Sinn Fein) | Oireachtas source

It is not about being mesmerised or fascinated by corporation tax receipts. It is about trying to get behind the figures to discover why there was a spike in 2014 and 2015 and how sustainable those figures are. Mr. Howard referred to a very small number of companies that contribute the vast majority of corporation tax receipts. Notwithstanding the fact that corporation tax is 14% of the overall tax take, which is still very significant, the Irish Fiscal Advisory Council made the point that we are all basing assumptions, spending proposals and revenue-cutting or revenue-raising proposals on those figures. The council expressed caution about that and the fact that we are now very dependent on a small number of multinational companies for the bulk of corporation tax. Does Mr. Howard agree with the caution expressed by the council?

My second point concerns USC. The Minister has said that his preference is to phase it out over five years. What would be the total cost of phasing it out by 2021 or 2022?