Gerry Horkan (Fianna Fail) | Oireachtas source

All we could do was produce a reasoned opinion on the proposal at the time. I accept that the draft proposal was a draft proposal, and could be amended or changed or altered as a result of other actors. However, I think the point that Senator Conway-Walsh is trying to make is that we have three different rates. We have a main headline rate but we also have a capital gains tax rate and a 25% rate on non-trading income. The proposal that we saw, upon which we are commenting, effectively said that there could only be one rate in each country. If one wanted it to be 12.5%, one was entitled to that but only one rate was possible. Is that right?