Paul McAuliffe (Dublin North West, Fianna Fail) | Oireachtas source

I welcome Mr. Hogan and his team. Let us start with the external factors. Today, the British Chancellor of the Exchequer will introduce austerity measures amounting to nearly £24 billion and increase taxation by something similar. From an Irish perspective, this is in direct contrast with the €11 billion cost-of-living package we were able to put in place a number of weeks ago without borrowing. If we were to be uncritical, we would think that was great, but everything we learned from the previous recession has taught us we should be more critical and should examine our situations clearly.

I wish to discuss some of the external threats, not just to be all doom and gloom, but to try to ensure we are prepared and derisking where possible. I will first discuss the link between corporation tax and income tax. The numbers are concerning - five sectors account for the largest share of income tax receipts and approximately 85% of corporation tax receipts. Any shock in those sectors, particularly the multinational sectors, will have a significant impact on our revenue. Will Mr. Hogan discuss what the Department is doing to ensure the State is protected?