Pearse Doherty (Donegal, Sinn Fein)
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IFAC mentioned the significant risk that exists in terms of corporation tax receipts. Some 56% of all corporation tax receipts come from just ten corporate groups. The SPU predicts that there will be a reduction of €2 billion in corporation tax receipts due to the base erosion and profit shifting, BEPS, process, in particular Pillar I. Mr. Barnes will note that there is real momentum now behind the process, with the Biden Administration rowing in behind it and calling for a minimum tax rate on corporations of not less than 15%. This has been welcomed by France and Germany. As recently as this week, the Minister for Finance doggedly asserted that our corporate tax rate of 12.5% would remain unchanged as a result of this process. Does Mr. Barnes think that is likely? What impact does he foresee if our corporate tax rate were to increase to 15% as a result of this process?