Niall Collins (Limerick County, Fianna Fail) | Oireachtas source

Given what Deputy Smith alluded to, it is important that the Minister in her reply outlines the difference between an Irish-registered company and a company registered, for example, in the Isle of Man? Will she differentiate the two so people will understand there is a difference between Irish-registered companies and those registered offshore? That is very important.

I will withdraw amendment No. 19 in support of amendment No. 20 from the Minister, as she outlined. It is very important that people understand and appreciate that there are many good Irish companies that are good employers and treat their employees very well. They operate through the structure that will be affected by the change brought by this legislation. It could potentially threaten people's jobs because these companies are in competition with many other businesses around the globe in selling into the global market. Irish companies are put at a commercial disadvantage because they must disclose their financial information and make their margins available publicly but they are not able to see the same type of information from competitors. They would be susceptible to commercial disadvantage in that respect. That point has been well made by the people talking to me and others.

The Minister's amendment goes a long way towards dealing with the concerns brought to my attention. It has been said to me that the amendment should include the fact that in 2022 there will be a ministerial order; that was the message from the Department. Perhaps the Minister could outline that to us in her reply. The important point is that the country is facing challenges and we are dealing in a global market. We must be able to protect the indigenous industries that have grown in this country that compete on a global scale. They must have a level playing pitch. That is exactly what this is about. There must be a reasonable lead-in time and I am happy with what has been specified. I am happy to support the Minister's amendment at this point.

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