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

To return to the earlier exchange so as to inform the questions Deputy Tóibín will have, I shared the global figures earlier. From a national point of view, out of the 1,500 subsidiaries registered in Ireland, 56 have a headquartered presence here and they are the companies that would be in scope with regard to pillar 2.

To deal with Deputy Tóibín's question on how we are developing the revenue laws, the summary he has offered of it is pretty correct. What we are doing here is expecting the taxation incidence will change from where value is registered to some of it being generated where the consumption occurs. We will see a shift in taxable rights because a share of those taxable rights will now be determined by where the consumption of a service or good happens. As the Deputy said, I went over this with Deputy Doherty insofar as I can. When we are in a position to update the guidance we have given on what will be the overall revenue impact, we will do that.

On Deputy Tóibín's point on sovereignty, I take a different view from him on that. We are, through the European Union, sharing sovereignty generally. I do not believe that is always the same as losing sovereignty. Because this will be handled via a directive, it is being handled in an environment in which it will require the consent of all member states for this directive to move forward. I expect we will see a directive published by the Commission that will be in line with the expectations of the OECD agreement.