Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

The Revenue figures to which the Minister refers, which I have in front of me, do not say what he just said. What they say for 2019 is that there was €195 billion worth of pre-tax profits, before deductions and allowances, and that €10 billion was paid on that. That is not 10% or anything like it, it is 5.6%. The reason the Minister can claim that it is 10% is because about €84 billion of their pre-tax profits are not taxed at all because they benefit from deductions, allowances and reliefs. It is in that area that these companies have exploited loopholes in the tax code to write down their taxable profits, so they end up paying tax on only about half of their actual profits, mostly through intergroup transactions, paying themselves royalties and paying for the use of patents from their own company, which is a scam. How are we actually going to make them pay the effective rate?

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