Ms Laurena Leacy:

In response to the Deputy's question on how the contribution was calculated, the 75% TSC was calculated on average taxable profits from 2018 to 2021. A company is allowed a 20% increase on the average taxable profits and the rate applies to anything above this increase. The rate of 75% applies to anything above a 20% increase on the average taxable profits. The regulation also provides that the rate must be fair and proportionate. A 75% rate was considered fair when we were looking for a rate that would collect windfall revenues.