Mairéad Farrell (Galway West, Sinn Fein) | Oireachtas source

The Minister held an interesting tax seminar last week. At a meeting of the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach last week, we had a discussion on Biden's proposal for a global minimum corporation tax rate, an issue on which the OECD has launched a base erosion and profit shifting, BEPS, process. In a recent RTÉ interview, the Minister stated: "I’ve been saying this moment has been coming for years; it’s now happening, and it will have consequences." He has stated elsewhere - I do not recall where - that our regulations on CFCs, transfer of pricing rules, limitations on interest deductibility and so on have been strengthened and will be strengthened further. Some people would argue that those factors would have given us a competitive advantage. In light of these potential changes, what preparations is the Minister making to formulate a new industrial strategy to ensure we will flourish?