Mr. Seamus Coffey:

-----but they are benchmark parts of international corporation tax. For instance, intangibles is one that will obviously attract attention on the capital allowances for depreciation. If one looks at the common consolidated corporate tax base, CCCTB, it is essentially very similar to what we have here.

People view the CCCTB as being a progressive step for corporation tax. The expenditure on intangibles can be offset over 15 years as is in the case of Ireland, as can the allowances granted. We are not unique in offering these things and they are a benchmark part of most tax systems.

With regard to the tax expenditures, some of the largest are on the personal income tax side, including the personal tax credit, the tax credit for employees and maybe the addition of other tax credits, which sum to billions every year. We do not think they are too egregious in terms of trying to remove them. Equally, other elements are available in the personal income tax system that amount to billions of euro. The €23 billion is not necessarily all corporation tax.