Mr. Niall Cody:

When any new scheme comes is introduced, it is legislated for and our job then is to ensure that it is claimed in accordance with the legislation. We will have a risk-based programme to identify cases that we need to look at.

In 2013, the Department of Finance carried out a review of the research and development credit scheme, which it published, and clearly research and development and expenditure on it is critical to the success of the country's economy. The Department carried out a study and published it. What we do is look to ensure that the scheme is operated in accordance with the law, so we carry out risk-based interventions. We got slated fairly heavily by business commentators through 2013 and 2014 on carrying out too many audits. There was an OECD report in 2013 about which we were concerned because certain industry sources had persuaded the OECD to complain about the heavy-handed approach to audit by Revenue of the research and development credit. My predecessor wrote to the secretary general of the OECD to explain that we carry out a risk-based approach. It is a very valuable relief. There is no question about that.