Mr. Niall Cody:

Pillar 2 is clearly more certain on some levels. It looks like the EU will have a directive, so that will be mandatory for all member states. In other countries it is optional but the US has already moved and its system not fully compatible. It is not the same as pillar 2 but it has its categorisations of guilty. It looks like they will have an increase in their rate. The remaining complexity around pillar 2 and putting figures on it involves the following. The big aspect of it is the interaction of the US rules and pillar 2 and who will end up with the taxing rights of the additional money, which is not certain. To the extent that anyone has commonly held views on corporation tax, the commonly held view is that there will be extra money with an additional 2.5%. It is not clear that the additional money will accrue to Ireland.