Ms Cora O'Brien:

I am sure the committee has heard from other contributors that the one aspect which is critical for businesses is the need for certainty. If we act to change the rules on the back of such a long period of having policies around the 12.5% rate which has served us very well, we must be very careful about how we do it and communicate it. There must be indepth research and an understanding of what the consequences would be. The reality, of course, is that the base erosion and profit shifting, BEPS, process is under way and will bring changes for everybody.