Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank the Minister for his reply, most of which entailed an outline from the Minister's perspective of what has been done to date. I would like to know what new measures he intends to implement in light of the IFAC report. He has said he will outline some of his options in next week's summer economic statement. Can he give us a sense of what he is considering? Can he give a sense of his response to IFAC's key recommendation in respect of corporation tax, which was that a prudence account should be established and used to warehouse excess corporation tax receipts above a certain threshold to enable such receipts to be passed to the rainy day fund or used to pay down debt?

That was its key recommendation in respect of corporation tax. Does the Minister have a view on the council's observation that somewhere between €3 billion to €6 billion of the €10.4 billion in receipts last year from corporation tax could be considered "excess" or outside the normal economic cycle? What is the view of the Minister and his Department on that quite startling conclusion?

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