David Cullinane (Waterford, Sinn Fein) | Oireachtas source

I welcome Mr. Coffey and his team. I think it was Deputy Lahart who spoke earlier of the reason IFAC was brought into existence, namely to remind politicians of our fiscal responsibility and of the Celtic tiger years and the recession which followed. Equally, I imagine that Mr. Coffey understands that we are politicians and that politicians are under fierce pressure from our constituents and representative groups. We are entering a budgetary cycle where we will all be invited to meetings where dozens or hundreds of groups will outline their budgetary plans and what they ask of Government. I ask Mr. Coffey to have that in mind as I put my questions to him.

I will begin with corporate tax receipts. It is fair to say that everyone now accepts that if we looked back at mistakes made during the Celtic Tiger that one was basing spending on an unrealistic tax take based on construction. Is there a danger that we are now doing something similar with corporation tax? Mr. Coffey has hinted somewhat at that. Of the overall corporation tax take, how much is potentially unsustainable? How much could be catagorised as a windfall tax that is not sustainable in the long term?