Mr. Niall Cody:

The Minister has spoken consistently about the need to not rely on the continued growth in corporation tax, and to set aside money in the budget for that reason. There are a number of issues. The base erosion and profit shifting, BEPS, project has been very positive for Ireland so far. Since 2015 it has led to significant growth in Irish corporation tax profits attributable to that activity in Ireland where there is real presence. The next phase is not finalised yet. There are pillar 1 and pillar 2 of the BEPS process. Pillar 1 is about how profits and taxing rights are allocated between market countries and countries like Ireland. It will lead to a reduction in profits attributable and taxable in Ireland.