Gerald Nash (Louth, Labour)
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I think the case can be made for a fund of that nature. The principle of that fund can garner a degree of political consensus given the position we are in and the opportunities this fund will present to do things we always wanted to do and never had the opportunity to do. It will provide us with the opportunity to future proof our economy and society. Much of the reason we are in a position to do that is the generation of substantial receipts from corporation tax. It is not only corporation tax receipts, but they are a significant portion of the significant revenues that are being generated at the moment.

I assume the forecasts in the SPU are based on us fully embracing pillars 1 and 2 of the OECD process. Am I correct in saying that pillar 2, which is for want of a better description the 15% corporation tax rate, will go live on 1 January 2024? I have a question about corporation tax forecasts. For number of years now, we have been hearing from the Department of Finance that around this time or perhaps next year, we will be €2 billion worse off as regards corporation tax receipts because of the impact of pillars 1 and 2. That has changed significantly. With due respect - there are a lot of variables - that forecast has proven quite roundly to be incorrect.

Can we have confidence in the forecast and the extrapolation from the Department of Finance about where we are going in terms of corporation tax, given all the variables that are at play? Is this just the Minister's best guess? If it is his best guess, would we be advised to take independent advice even outside of the Irish Fiscal Advisory Council's forecasts about where corporation tax receipts are going?