Michael McGrath (Cork South Central, Fianna Fail)
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Despite much of the rhetoric, we have a broad base with regard to the calculation of taxable profits but we apply a relatively low rate of 12.5% to the base. Mr. Hession has given as number of examples of how the calculation of the base would differ under these proposals than under existing corporation tax law. There appears to be quite a significant difference in the base. Before we look at the attribution of the profits across countries, if the taxable base is smaller, we are already at a disadvantage.