Mr. Michael Taft:

It will be a combination of both, but let us not forget that the current tax structure is our creation. No one else created it for us. We started to do this in the 1950s with the first tax reliefs for companies to come in here. One could say we created it therefore we can "un-create" it. We cannot, however, "un-create" something on which we based our policy for decades. In our submission we point out that other countries like our own, those heavily reliant on exports and with small domestic markets, have tax structures that are far different and seem to have a far better economic return. It is possible for us to get to that point but it is a long-term process, and the first thing one has to do is face up to the reality and not attempt to defend what is becoming increasingly difficult to defend in international circles.