Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

The record will show it is what the Deputy said. She made the allegation that I am looking to preserve things as they are without being mindful of the accelerated debate that is under way in regard to corporation tax across the world. At the same time, however, she acknowledged that I wish to implement the OECD view and template on matters like corporation tax. Those two statements are incompatible and inconsistent. I am aware of the changes we have signed up to and of the new environment in which our corporate tax model is operating. I am seeking a pathway that will enable us to maintain Irish employment and Irish investment while also creating a sustainable route to addressing the issues and needs that are there. We have a pathway to how we will do some of that and I expect we will get further ideas and contributions from the consultation that is under way on the Coffey report on corporation tax, all of which I will respond to in the new year. I am aware of the debate that is ongoing on changing taxation models and the evolving views on how larger companies operate. As I said earlier, it continues to be my view that companies should pay a fair share of tax and should make their contribution to the societies upon which they depend.

Deputy Doherty asked about the European Council's EU tax blacklist. I look forward to seeing that report, which we expect will be presented at the European Council of Finance Ministers, ECOFIN, meeting on 5 December. I will have to see what the final report looks like but I expect to be in a position to support it. I look forward to Commissioner Moscovici and the other members of the Council getting back to me with the work in that area throughout November.

I do not support public country-by-country reporting for the very good reason that we have a long-standing principle in this country that the exchange of information between companies or individuals and the tax authority is confidential. That confidentiality in managing information will allow us to continue to make progress on the different issues we need to address. To reiterate, here in Ireland, exchange of information between the Revenue Commissioners and a company or individual is private. That is not the same as saying I support tax evasion. In recent years, the Revenue Commissioners have collected an extra €1 billion by dealing with activity that is illegal in regard to tax avoidance, including offshore tax avoidance. They will continue to do that work and I will provide any resources or further powers needed to allow them to do it.

Deputy Donnelly spoke about the need to tell our story when it comes to the discussion around corporation tax. I have been telling that story in this committee in recent days and it is a story I tell on almost a monthly basis in our Eurogroup and ECOFIN meetings. Together with the Finance Ministers of Italy, Germany and the Netherlands, I went before the PANA Committee of the European Parliament some weeks ago and outlined what Ireland has done in respect of corporate tax. It is a story we need to keep telling. I have met Commissioner Moscovici and Commissioner Dombrovskis on several occasions, both of whom are involved in this area, and outlined what Ireland has done and our commitment to playing a constructive role in this debate in the future. We must continue to point to what we have achieved, including the growth in Irish corporation tax receipts and the progress we have made in eliminating issues which we acknowledged needed to be addressed.

Deputy McGrath cuts to the heart of all this when he asks what the trade off would be between a minimum effective tax rate, on the one hand and, on the other, the fact we have a broad corporation tax base with a limited number of credits against which companies can reduce their liability and where the difference between our headline tax rate and the effective rate is far narrower than is the case for other interests who make charges against our country in this area. The journey between Ireland's effective tax rate and nominal tax rate is far smaller than it is in other European Union jurisdictions. The desire to be predictable, competitive and legitimate is at the heart of our tax model. Deputy Burton understands these issues well because she has participated, as she acknowledged, in the types of missions in which we seek to work with international companies to retain the jobs they have created in Ireland and encourage them to create even more employment here. The Deputy knows that the value of predictability and certainty in our tax code is really important. It is for this reason that I am not in a position to support a minimum tax rate. For me to signal in this committee that I will support a proposal for the bringing forward of a report outlining the merits of that approach would undermine our efforts to tell the strong story we have to tell in regard to our efforts at implementing corporate tax reform while also retaining the jobs we have and attracting more jobs into our country.