Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Yes. Exactly. With respect, Mr. Zuijdendorp is trying it again. We know there is going to be a parallel system. There will be the existing system for companies that have the threshold of below €750 million and there will be the CCCTB, which means that one of the rates under the existing tax law will have to go. A bit of honesty is required in this debate. It is important. If the State decides to go down this direction, or not, then it needs to do so with its eyes wide open. Many of the issues people have with the European Union and where it is going is going are around this type of nonsense. We are big people. The Commission should sit down and explain this is what will apply, this is how it will work, this is what it will mean, instead of unelected Commission officials coming here and telling us not to worry, the rates are fine. The rates are not fine. If a State agrees to CCCTB - for the companies that are included either mandatorily or by opting in, only one rate will be allowed to apply. This is a fundamental change. One can argue whether or not one wants that, but it is a fundamental difference in how we tax corporations in the State. How will the Commission treat capital gains? Will it be one rate also?