Mr. Seamus Coffey:

At present such tax changes are subject to unanimity, but as was pointed out in the initial statement, the Commission President has suggested that perhaps taxation should not be subject to veto. That would be an important change for Ireland. If the CCCTB was to be introduced it would have a big impact on our ability to collect corporation tax, which is now a relatively large share of overall tax revenue. It is approaching the highest it has ever been. Some 15% of tax revenue comes from corporation tax, which equates to between €7.5 billion and €8 billion a year. If that was subject to the threat that CCCTB would introduce we would see adverse consequences for Revenue, and of course there would be broader adverse consequences for our ability to attract foreign investment. We use tax as a key plank there.