Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

As the Minister talks about changing the corporate tax landscape, big changes are afoot internationally in the base erosion and profit shifting, BEPS, process. The Minister has outlined to the committee, in response to questions I put to him, his determination to secure Ireland's interest and the 12.5% tax rate. He committed to not having this rate increase in the foreseeable future. Looking from this position, the Minister is spectacularly failing on these negotiations with regard to defending Ireland's interest. A situation emerged on 9 July whereby 132 of the 139 member jurisdictions of the OECD signed up to the pillar 2 solution to address the tax challenge arising from the digitalisation of the economy. Seven member states are holding out, including Kenya and Nigeria because, we understand, it does not go far enough. Meanwhile, Sri Lanka, Barbados, Estonia, Hungary and we are in the situation of holding out because it has gone too far with a minimum effective tax rate of at least 15%.

I have outlined on the floor of the Dáil where Sinn Féin stands on this matter. We need to defend our national interest. What is the roadmap ahead for the Minister for Finance in these negotiations given the level of support for pillar 2? Does the Minister still believe our corporate tax rate for the applicable companies, which have a turnover of three quarters of a billion euro per annum, will not have to increase? What is his strategy? This is what we are trying to figure out. What is the Minister's strategy as the international community is pushing ahead with pillar 2? Yesterday, the US Secretary of the Treasury, Ms Yellen, commented that the hold-out countries are not needed, that the other counties can proceed without us and that the companies will pay the higher level of tax anyway. Will the Minister outline his strategy to the committee and reassure us we are not spectacularly failing, as it appears the Minister is at this time?