Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The original list of countries was driven by the consideration that those BRIC countries were growing strongly at the time. We are a small country. Effectively, we live by trade. We are more open to trade than most economies of our size. We are trying to provide an incentive to people to develop new markets. Initially, the consideration was that the countries listed in the first tranche in 2012 were growing rapidly and had the potential to purchase Irish goods and services. I have outlined for the committee the different considerations for the extensions over several periods. There are two countries to which we are proposing to extend the scheme now, namely, Colombia and Islamic Republic of Pakistan. Again, there is an increase in Irish trade with these countries. We believe that by extending the scheme to these countries we can develop alternative markets.

I have no wish to over-stress the Brexit issue, but the advice from anyone talking about Brexit or any economist talking about the disruption in exports, potentially, from Ireland to the United Kingdom is to diversify markets. Those who can should avail of the scheme. The reason I am not advocating that we make it a permanent part of the tax code is that extensions, such as the extension I am proposing now, allow Dáil Éireann to review the position, just as the committee is doing now and just as it has done in previous years when extensions were brought in.