Seán Fleming (Laois, Fianna Fail) | Oireachtas source

On the work programme, one final issue I want to raise, we have scheduled for the Revenue Commissioners to appear at the meeting on 30 November to deal with a report the Comptroller and Auditor General has written on corporation tax receipts.

Many people think the role of this committee is to simply monitor expenditure. That is part of its role, and perhaps it takes up most of our time, but a significant part of the role of the Committee of Public Accounts is to look at the income side of things, including revenue collection and taxation receipts. In this case the Comptroller and Auditor General has produced a specific chapter on the corporation tax receipts, and we will deal with that specifically.

Everyone who has written about this issue has mentioned the volatility of corporation tax receipts and the risk to the Exchequer and public services by heavy reliance for a large proportion of that tax - some 75% - on the multinational sector. In addition to that, I believe that ten Irish companies are paying a very high proportion of that corporation tax; perhaps as high as 36%. It is a risky business and an issue we need to examine. We will be examining the Revenue Commissioners on that issue, but it is important for the Committee of Public Accounts and the public at large to hear from the Revenue on one side and the multinational companies on the other, including their understanding of how the taxation system works in Ireland. There has been much discussion on this matter, and because corporation tax is a specific chapter we need to examine the interactions between the multinational sector and the State on tax receipts. We will not be able to look at information other than what has been published. These companies are all listed on the stock exchange. However, I believe we should invite some of these major companies in to assist us. I have looked at the situation and had the Oireachtas Library and Research Service prepare a paper for me in the last couple of weeks on corporation tax receipts. The main areas concerned are the financial-insurance sector, the IT sector and the manufacturing sector. I am proposing that we write to these companies. It is likely to be early in the new year before they are able to avail of the opportunity to come in. We will ask those parties to send the person who is most equipped to deal with taxation issues and with the Exchequer. We will ask these companies to provide assistance to us. These companies, and many similar companies, have attended in Westminster and the House of Representatives. They all have a big footprint in Ireland, and they should show the same respect to our Parliament as they have shown to other national parliaments.

I have had a look at some of the biggest players. If any of the members of the committee notes that a major player has been left out we will discuss it. I am proposing that from the finance sector we invite JP Morgan and CitiBank, from the IT sector we invite Apple and Google, and from the pharmaceutical and medical devices sector we invite GlaxoSmithKline and Pfizer. They are six big companies, and it would help our understanding of how the system operates enormously. We will draft a suitably worded letter of invitation. It is a voluntary attendance of course, but when we worked on Project Eagle companies such as Lazard from outside the State came to the committee to assist us in our work. Hopefully these organisations will show the same respect to the Irish national parliament as they have shown to other national parliaments. I would like to get this in motion. No letter will issue until we clear the content. It is slightly unusual, so we have to frame it in a proper way. At this point there will be requests for these companies to appear voluntarily.