Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

While it may well be an uncomfortable position for any Irish Government to be in, our view in Fianna Fáil is that we should veto the CCCTB proposal if it is brought before us, certainly as constituted. It has a journey to go, but it is undoubtedly an attempt to harmonise the corporate tax regimes in Europe. As they cannot get at our rate directly, they are coming at it through the back door by having a common set of rules as regards how to arrive at a taxable base and then deciding where the profits are to be taxed. I take Mr. Regan's point, however, that it is quite possible that Ireland will be put in that position in the relatively near future. Do Mr. Coleman and Mr. Lardner have any comment to make on the issue? How important is Ireland's corporation tax regime to the success we have had to date in attracting internationally traded financial services? If the CCCTB proposal were to take the edge off that advantage, what impact could it potentially have on FSI?