Mr. John Hogan:

The Deputy mentioned Seamus Coffey's report and that is why I wanted to respond to Deputy Connolly because her previous exchange with my colleague, Mr. McCarthy, was about the sustainability of the corporate tax regime. We were conscious last year that we wanted to study sustainability in respect of corporation tax receipts and to have a look overall at our tax codes. He was engaged to undertake a fairly fundamental overview of our corporation tax regime considering several issues, including how we are implementing the base erosion and profit shifting, BEPS, arrangements and the sustainability of tax receipts.

His conclusion was that the new baseline in terms of our corporation tax receipts is sustainable until 2020. That is an important point to make. Mr. Hession will comment on the worldwide versus the territorial regime.