Marc MacSharry (Sligo-Leitrim, Fianna Fail) | Oireachtas source

That is good. I often see these determined as 'the cost of double taxation to the State was €X millions'. When we use that language we must make it clearer for the taxpayer because in real terms it is not a cost to the State. It is not money we are paying out. For people's peace of mind it is important for them to understand that these people invested €X millions in research and development or whatever and as a result they availed of a measure we introduced in policy to encourage such investment. That is lost and the catchy headline of 'X Paid no Tax' will always win out unless our definitions are clearer.

In his review of the code issued by the Department, Seamus Coffey proposes several changes. One is to change to a territorial regime, as opposed to a worldwide one. That means nothing to me, apart from reading a bit about it and it means nothing to the ordinary taxpayer. Will the witnesses explain to us what the difference is between the two and what the benefits would be for Ireland if it opted for that system?