Mr. John Hogan:

The Deputy mentioned the Oireachtas support for the work we do. It is forums such as this, where we can articulate the kind of considerations that we bring to bear when we look at how the public finances will be shaped over the coming years, that are useful mechanisms for bringing many of these issues to the fore. Last night the Committee on Budgetary Oversight met with the Minister, and Mr. McCarthy was there as well, in terms of the outline of our forecast in the stability programme update. That is a good segue for Mr. McCarthy to talk shortly about how we see things unfolding over the next while.

The Deputy rightly mentioned the corporation tax piece. Some of the issues to which he alluded are very relevant but so too is the international tax reform agenda. The Deputy will be quite aware that over recent years at the OECD at international level there has been a very strong focus on international corporation tax reform. We have been very much a part of that debate. We have been mindful from the very early stages that there would be a likely cost of whatever would emerge as a result of the latest base erosion and profit shifting, BEPS, process at OECD level and how that might impact on our public finances. Our planning has accordingly been shaped by those considerations. Does Mr. McCarthy want to add to that?