Gerry Horkan (Fianna Fail) | Oireachtas source

On the issue of corporation tax, we have had various commissioners into us here discussing the common consolidated corporate tax base, CCCTB, the pressures on our tax base and how our income from corporation tax might be affected by various proposals from Europe. I accept that there needs to be unanimity but there may be pressure in other ways to get us to adapt our position. We have a very significant reliance on a small number of foreign multinationals, with approximately 40% of our corporation tax returns coming from about ten of them. Approximately 80% of the corporation tax comes, by and large, from American FDI more generally. We welcome the fact they are here and the tax is, as we all acknowledge, very welcome. As a State, however, we are very dependent on a relatively small number of large businesses. What is the Minister's take on this and how can it best be managed? If anything were to happen to the tax formulae or if any of these companies were to decide to move around and locate elsewhere, we are very vulnerable. I would like to hear Deputy Donohoe's thoughts on this as the new Minister for Finance.