Liam Twomey (Wexford, Fine Gael) | Oireachtas source

There are two issues being discussed here. Deputy Boyd Barrett's point covers tax avoidance. We participate fully in the BEPS project. The project and the OECD make it crystal clear that all countries must move together on this issue. There is no point in turning Ireland into a wasteland for foreign direct investment because we move unilaterally. It is just ridiculous talk. If the Deputy gets into power some time, he can do it on his own.

The other issue concerns how we use our tax code to keep our economy competitive. We are very much doing this. We have a corporation tax rate of 12.5% and it is crystal clear that it is fixed. I fully support the introduction in Northern Ireland of a 12.5% corporation tax rate. The two economies are very much interlinked. It is a good move in the longer term. Deputy Doherty got a bit tetchy when I accused him recently of abandoning social welfare recipients.

The 12.5% corporation tax rate is a good move for Northern Ireland and for Ireland. I utterly support that, but I think the Deputy has misunderstood. The knowledge development box is about bringing the type of jobs into our economy that will keep it competitive while moving forward. It is the type of work we need to get into this country in order that we will have jobs for graduates and young people.

As I said previously in the debate, 100,000 people are directly employed here by foreign multinational companies, not to mention thousands of others who are indirectly employed by them. It is a very important and vibrant sector of our economy, so we should be fully supporting it.

I am not saying that the Deputy has something against multinationals, but much of his argument is ideological and narrowly focused. I do not think he has taken into account the wider economic impact of his concept or how we should deal with this issue.

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