Michael Noonan (Limerick City, Fine Gael)

If it is a cost, it is a cost. It is a tax on profits. That is straightforward. The source is a survey carried out by one of the international accountancy firms. I do not have further information to hand but I will get it for the Deputy. The survey investigated nominal rates and effective rates throughout the European Union and we circulated the results widely through the diplomatic service to ensure the debate is conducted on the real figures. This is one of the reasons the European Commission, the IMF, the OECD and 25 of the 27 member states either support us or are silent. The quid pro quo of changes to our corporation tax rate in return for a reduction on our interest rate is now an issue that only France is pursuing.

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