Mr. Derek Moran:

One of the key features of this year has been the resilience of income and corporation tax. Both taxes have held up. The multinational sector includes ultra-modern ICT services, pharmaceuticals and so on and has done well during the crisis, if the Deputy understands what I mean. This means that revenues from that source have helpfully stood up strongly, which is a positive.

We in the Department have always spoken about - we were probably the earliest to do so - the risks to corporation tax in the medium term, particularly given the changing global environment in the form of BEPS I, BEPS II and so on. In the previous budget or the one before that, we began including a negative drag on corporation tax receipts from about 2023 onwards, accumulating to approximately €2 billion in value, because we recognised-----