Michael Noonan (Limerick City, Fine Gael)

The Government has successfully protected this rate even under international pressure, given our fiscal state. The Government successfully negotiated a reduction of €10 billion in the interest rate margin that was far bigger than originally offered and the Taoiseach made no concession on the corporate tax rate in the course of those negotiations.

Today, I want to say to our friends in the multinational sector who continue to invest so strongly in Ireland and Europe, there will be no change in Ireland's 12.5% corporate tax rate.

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