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

Will the Minister respond to the fiscal council's conclusion on the amount of receipts that could be considered excess? It does not matter which of the three spokespersons on finance is sitting in the Minister's chair when the Irish Fiscal Advisory Council has made the assertion that somewhere approaching 57% of last year's corporation tax receipts could be considered excess. If those receipts disappear, we will have a very large problem because of the huge hole in public finances. What is the early assessment from the Minister and his Department on the conclusion? Is the council accurate in stating that quantum of receipts collected last year cannot be relied on, in essence?

I welcome the Minister's comments on having some form of a review on the sustainability of receipts. It is a key point and I have called for it. Has the Minister carried out any early assessment of the likely impact on our receipts of the emerging changes from the international tax environment, particularly the changes the OECD is now likely to propose that will have an impact on Ireland?

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