Ms Cora O'Brien:

That would almost certainly happen because a high proportion of our corporate tax comes from the multinational sector and, in turn, a high proportion of that comes from the US and non-EU sectors. Their sales would be reallocated to other European countries with higher tax rates. Accordingly, the allocation formula envisaged just would not work for a country like Ireland. The asset sales and labour factors are going to be low in Ireland in comparison to other member states, whatever way one looks at it, particularly the sales one. For a continent trying to promote innovation, it does not take any account of intangible assets. I accept there are challenges with valuing intangible assets but ignoring them is not the answer and will not give a fair result for countries like Ireland.