Catherine Connolly (Galway West, Independent) | Oireachtas source

I have other questions to ask but I wish to comment on that. We need development. I am the first to promote development and a thriving economy in Galway but we need sensible balanced development. When industry is located in one area, it creates huge problems relating to traffic and housing and Mr. Shanahan knows that. Mr. Shanahan has given me a general answer. I will be following it up specifically regarding proposals for the west of the city and Connemara.

In his opening statement, Mr. Shanahan made a very strong comment about corporation tax. I have a different view. I have looked at the Comptroller and Auditor General's report. He has given no opinion but has simply highlighted the fact that corporation tax receipts are highly concentrated and difficult to predict. He goes on to point out that 70% of the receipts were paid by the top 100 and, more significantly, 13 of the 100 companies with the highest tax income had an effective rate of less than 1%. Mr. Shanahan said today that the effective rate is much higher than that. We have yet to discuss this report from the Comptroller and Auditor General and I know there are complexities, but 13 of the 100 companies with the highest taxable income had an effective rate of less than 1% reflecting the use of significant tax credits, reliefs and so on.