Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank Deputy Durkan for his support. The WTO was not formally consulted. It was not formally part of the process. Tax certainty and having as much mutual recognition globally of tax systems and having as much integration in the approach to taxing global multinationals facilitates open trade and is, in many respects, an essential ingredient when it comes to the conditions necessary for international trade. That is why this is a work in progress. Ireland wants to see the full implementation of the two-pillared solution - both Pillar 2, which is agreed, and Pillar 1, which is yet to be finalised.

Many will be surprised about the number of entities and the identity of some companies that will be in scope. Revenue estimates, and it is only an estimate, that there may be approximately 1,600 multinational entity groups with a presence in Ireland that will come in scope of Pillar 2. These groups contain an estimated 9,000 individual in-scope entities located in Ireland. Of the 1,600 multinational entity groups, approximately 67 have their ultimate parent entity located in this jurisdiction. It is a very important issue for Ireland and a significant number of companies have operations here and, in many instances, are actually based here.