Mr. Niall Cody:

Corporation tax receipts have grown significantly over the past ten years. In 2020, total CT receipts were just under €12 billion. The 2023 figures are nearly double that. Significant changes are coming as a result of the OECD agreement and what is called pillar 2, which involves a minimum effective rate of 15% on multinational enterprises with a global turnover in excess of €750 million. That has come into play. The Irish legislation was introduced in the Finance Act, which was signed at the end of December. This is essentially the first year of it. The 2024 accounts for pillar 2 are due to be reported in June 2026, so the impact will be felt in 2026. It is very complicated. There are just short of 200 pages of the Finance Act implementing pillar 2. There are more than 600 pages of OECD guidelines and that is not the end of them. In some ways, people look at it and think that the 12.5% rate just goes to 15% for these big companies but it is far more complicated than that. It is completely different. It is like a new tax. These measures have to combine to give effect. Approximately 1,600 groups in Ireland are impacted, comprising approximately 9,000 companies. We have implementation groups to develop the IT systems. The IT systems then have to be integrated to exchange information across the OECD. There is a big body of work to do through 2024, 2025 and 2026 to implement the new rules. The rules also provide that Ireland can retain its 12.5% rate for the vast majority of companies. There are 250,000 companies here and the current system will continue for the vast majority of Irish entities. However, there will be a significant impact for the large companies. The issue around cost-----