Michael McGrath (Cork South Central, Fianna Fail)
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Finally I wish to raise the issue of corporation tax. Today's report of the Committee of Public Accounts describes our dependence as an unacceptable risk. Some 15% or 16% of our tax revenue is corporation tax. Should we be seeking to rebalance the economy somewhat by focusing on the indigenous economy, such as SMEs, and looking at the taxation environment within which they operate? The Tax Institute will talk to us about that later. How concerned is the Irish Fiscal Advisory Council about the growing dependence on corporation tax, which has doubled over about four years, and the concentration within that envelope of money? To reduce that dependence, should we be looking to rebalance the economy and introduce some changes to our overall industrial policy?