Richard Bruton (Dublin North Central, Fine Gael) | Oireachtas source

The Deputy knows that the international environment for tax provisions is changing. What we are doing here is moving ahead of the competition. We are anticipating those changes and putting Ireland in a position to provide certainty to our investors and to have best-in-class competitive tax structures. The Minister for Finance has signalled that he will legislate next year for a best-in-class knowledge development box. That will, as Deputy Calleary has said, give Ireland an edge in this area.

We are also providing certainty. There is no doubt that there has been considerable uncertainty around double structures in light of the discussions internationally. We have now moved to end Ireland's double structure for new investors by January 2015 and we have provided a six-year period during which those companies that currently have such structures need to adjust. We have given them the certainty of a long lead-in time. They now know where the landing position will be. Clearly, the Minister for Finance, Deputy Noonan, will be involved in explaining the new tax structure during international visits, as will my Department. I will take advantage of next week's visit to the United States to explain it. I believe it is an excellent news story and will win additional foreign investment for Ireland.

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