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

In Ireland our corporation tax system is statute based. The reliefs, exemptions and credits the Deputy refers to are clearly defined in law and consistently applied.

We have transposed the EU minimum tax directive and we will apply the minimum effective rate in line with the requirements of that directive and in line with the legislation that we have passed which is now consistent with that directive.

The issue historically has been that in Ireland we have had a relatively low rate, but applied to a broad base. Many other countries - various studies have pointed to this - have a higher headline rate, but applied to a narrower base, and have many more reliefs, exemptions and allowances, as the Deputy described. What we have now is an agreed rule book - an international agreement which Ireland signed up to.

It is important that we retain incentives. That is why the carve-out of the research and development tax credit, as part of pillar 2, was a very important instrument for Ireland.

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