Stephen Donnelly (Wicklow, Social Democrats) | Oireachtas source

I agree with the Minister of State, and I believe it is a fine balance, but this is an exceptional situation where we have a very small number of companies paying zero tax such as €250 on profits of €40 million or €50 million. Let us just round that tax down to zero. This is off the backs of businesses and families who are paying back their loans. The reason the companies are making such big profits is because of the collapse. I understand that there is a balance to be struck with regard to individual agreements with Revenue but the language used is secret arrangement, there will be no secret arrangement. If, however, Revenue agrees an interest rate with an individual company and no-one else is allowed to see what that interest rate is, then surely that is the definition of a secret arrangement? I believe the situation offers very considerable latitude for quite high interest rate arrangements but the Government is unwilling to tighten it up. Essentially the Minister of State has said that Revenue is satisfied and has what it needs and therefore we should let them at it. If that is the position, then so be it, but let us at least know what it is we have let them at. It would not surprise me, and this is no criticism of Revenue, one sees this in Ireland and abroad, one regularly sees mezzanine rates of 20% or 30%. If a company walks in to Revenue and offers 200 pages for a fine of 30%, and if Revenue says it will bring them right down to 10%, then 50% of this type of tax avoidance will continue. That is my concern. There must be some way for us, as legislators, to see what actually happened.