Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I believe we shared the same objective on these negotiations. The reason I say it appears the Minister is failing is because this comes down to the level of countries and where they want to see it. There are big influencers, as the Minister mentioned, such as the United States. With 132 out of the 139 signing up to pillar 2, it appears the odds are very much against this country and against the Minister in succeeding to convince enough member states the 12.5% rate would be the appropriate effective tax rate that should be introduced in pillar 2.

We know the rate is one thing. We also know there is potential for carve-outs under pillar 2. The Minister has decided to maintain a hold-out position. Is the Minister concerned at all about the reputational damage this has caused? I made the point previously that the facilitation of some of the practices that went on in our tax code in the past and how our code interacted with others has reputationally damaged us. I do think this is helpful in the context of these negotiations. There is potential to provide for carve-outs. Is this what the Minister will look at? Does he envisage a situation in October whereby Ireland would still be outside the final agreement? When the negotiations are finished, does he envisage a situation whereby we could be one of a small number of countries that would be outside the agreement? As the US Secretary of the Treasury, Ms Yellen, said, the 15% corporate tax rate would apply. The Minister for Finance, if he is still in position at the time, may not increase the rate but it would apply anyway because of what is contained in pillar 2.

It would just be the case that we would not benefit. Does the Minister envisage a situation where we would still be holding out or does he believe that, having negotiated hard and put Ireland's interests forward, which he definitely should do, we will be part of this process in the end?