Ms Sabha Greene:

The main objective from the Commission's point of view is to improve transparency. Clearly, if this measure is brought in, Irish companies will have to meet their obligations. The Commission is also trying to bring in companies that do not have their headquarters in the European Union by placing obligations on subsidiaries and branches and trying to get them to release the information in order that this measure will have, for want of a better word, an extraterritorial effect.

Tax measures in Ireland, the knowledge box and any other arrangement really are matters for the Department of Finance on which to comment. I believe the reason the Commission has included these proposals in the accounting directive is that it sees it as more of a regular financial reporting obligation. It is, therefore, trying to match it with companies' other obligations to produce and file their annual accounts in order that third parties, including creditors, will be able to assess the financial health or otherwise of those with whom they are dealing. If it comes in, this will be the same as every other EU country and it is meant to improve transparency. The Commission hopes it will stimulate public debate and that the debate will move to talking about tax rules and what people in member states want as their tax rules.