Mr. Niall Cody:

The base erosion and profit shifting, BEPS, project that is taking place at OECD level involves a multinational tax issue relating to the interaction of rules in various jurisdictions and the exploitation of mismatches between rules. The Minister for Finance set out a roadmap for Ireland's international tax strategy in his Budget Statement. We are full participants in the BEPS project. The Revenue Commissioners has a team actively working on BEPS issues, which can only be solved by revising the rules. The reality is that in a globally trading environment there will always be mismatches, and the system will just keep evolving.