Professor John McHale:

We are concerned, but we are not forecasting such a reduction. We have looked at the variance in overall tax revenues and the contribution of corporation tax to the volatility in revenues. Although corporation tax accounts for just 14% of total tax revenues, it disproportionately contributes to volatility and to forecasting errors when it comes to tax revenues. We know that 40% of corporate tax revenue comes from ten company groups. We understand, partly from what was said when representatives of the Revenue Commissioners appeared before this committee in advance of the budget, that although a significant part of the overall increase in corporate tax revenue in 2015 came from a small number of companies, it was more broadly based. Based on what we know, it is not really just-----