Michael Noonan (Limerick City, Fine Gael)
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We have set out our tax policy for the corporate sector. The IDA is a very successful organisation. The low tax rate of 12.5% is obviously part of the attraction of setting up a business in Ireland, but there are other attractions, such as the availability of educated people who are flexible in the workforce and have a very strong work ethic. There are many other factors also. On the last budget day we published the tax strategy in which we dealt with issues such as the reputation of the country, the regime we apply and the tax rate. That has been set out. At present, I have no proposals to change that.

If the Deputy wishes to get an insight into how corporate accounts are prepared for submission to the Revenue Commissioners, the committee should invite some of the leading tax practitioners to appear before it so they can be asked all these questions. There are write-offs in every system. The Deputy speaks about the ordinary folk, among whom he includes himself, paying tax on every euro. That is not true either. Everybody has tax credits. One does not pay tax on every euro.