Peadar Tóibín (Meath West, Sinn Fein)
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The Minister of State also mentioned in the context of our discussion about the imbalance in the economy that many of the jobs being created are in the indigenous economy. There is no doubt but that job creation in foreign directive investment, FDI, is totally out of kilter with regard to exports from foreign direct investment. In other words, foreign direct investment has an enormous capacity to book profits in Ireland at extremely low employment growth rates, which indicates that first, these are very weak areas with regard to jobs per euro exported and second that a lot of the booking of profits here is for taxation purposes rather than manufacturing. I have yet to meet anyone in Irish business - I have spoken to a few such people - who believes the business will benefit from this measure. Is it the sale of the patent or the intellectual property or the sale of the manufactured goods that relates to that patent or intellectual property here that is captured? If it is the latter, then the ability of this technique to reduce taxation exposure will be far higher.