Dr. Robert Kelly:

I think that could be a narrow view of the world. If we think about just what is in the BEPS version of the world, then yes, we expect receipts to go up. However, that excess component is very much determined by the decisions of a small number of firms. If they, due to BEPS pillar 1, have not been handled in a certain way or because of other uncertainties created they decide on a certain corporate restructuring, we could see that excess component disappear quite quickly.