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

I reject entirely the Deputy's language of guilt. I am responsible for tax policy and broad economic policy. I have explained to the Deputy why that level of loyalty payment is high. I also I accept that it is high when compared with the European average. However, our is also an economy that has a higher level of foreign direct investment and intellectual property located in it than many other parts of the EU. Within the mix of economic policies that I have pursued, I would hope for acknowledgement from the Deputy that this approach has also delivered the level of job creation that he, in our darkest moments, would have thought impossible. We will have more people at work than we had before the crisis. That is an achievement that the Deputy and his party said would not happen, but it will.

As to what we will do to address issues of concern with the operation of our tax code, the measures that my predecessor and I implemented to introduce country-by-country reporting and mandatory disclosure of tax planning led to us getting the highest possible transparency rating from the OECD. The measures that we have taken to ensure BEPS compliance, including the elimination of stateless companies and the phased elimination of the so-called double Irish, are not small. Rather, they are significant changes in our tax code.

I will soon outline the roadmap to increased compliance with international standards, but I will do so while conscious of the fact that I also need to deliver on job retention and creation. If I do not do that, the Deputy will be one of the first to criticise me.