Fergus O'Dowd (Louth, Fine Gael)

I again thank Deputy Timmins for his comments. We have declared a willingness to participate constructively in the discussions on the common consolidated corporate tax base, CCCTB, draft directive and in the structured discussions on tax policy co-ordination in the framework of the Euro Plus Pact. We are committed to active engagement on the tax dossiers because only by actively engaging can we absolutely ensure a full and comprehensive discussion.

That engagement has no impact whatsoever on our corporation tax rate. In fact, the draft proposal on the CCCTB specifically states that there is no intention of extending harmonisation to the rates. We remain steadfastly committed to the 12.5% corporation tax rate on companies' trading profits, which is a central element of our strategy for an export-led sustainable economic recovery. I assure Deputy Timmins that I will bring his comments to the attention of the Minister for Finance, Deputy Noonan.

See this speech in context