Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

It is just about getting the best assessment. To move on from that, quite a lot is required of Revenue in order to prepare for the OECD's base erosion and profit shifting, BEPS, process, including IT modernisation and new systems being in place for pillar 1 and pillar 2. Will Mr. Cody talk to us about whether Revenue has drafted in an additional team? Has it got the resources? What is it doing to prepare for that? Pillar 2 is to take effect through an EU directive by the end of next year. If the EU directive is applied by the end of next year but America may not have joined up, has there been any assessment of what that would do to our corporation tax base? Has Revenue any assessment regarding that risk, which may or may not materialise?

There was a sense that the OECD package would cost us €2 billion. That is very outdated. At this stage, does Revenue suggest that is not the reality? Instead of putting words into his mouth, I invite Mr. Cody to comment on that. I know we cannot pin down exactly what it would cost but have we a little more idea of the shape of what may happen? I invite Mr. Cody to comment on that. I will then speak on Irish real estate funds, IREFs, if that is okay.