Mr. Ronan Hession:

I think it will take some time for this to progress. Previously the proposal was painfully slow. This year tax files have moved extraordinary quickly, but they tend to be the tax files that had some basis in the OECD process. The essential principles have been agreed so I do not expect that pace will carry through to the CCCTB. To a large extent it will depend on the next two presidencies; Malta will take over the Presidency in the new year and then Estonia follows and they have the job of prioritising files, deciding on the pacing of discussions. It depends on the extent to which they push it or prioritise other files. Our expectation is that the Maltese may look to have some unfinished business from the day's ECOFIN. There is an Anti-Tax Avoidance Directive, ATAD, which has to do with hybrid mismatches and that will carry on to their Presidency. They will have to finish that. I know they have an interest in the dispute resolution mechanism but they will indicate their priorities in a pacing ahead of their Presidency or early in their Presidency. Given the complexity, this would be a profound change for any member state that member states will want to carefully consider each aspect to it before agreeing anything. I think it will be handled cautiously. I do not expect it to go at the same pace as other files that were dealt with this year.