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

Profits have as well and the amount of tax paid is, of course, a direct function of profitability.

The allowances and the credits that we have are clear. They are transparent, they are laid out in law and they are consistently applied. They are now fully consistent with pillar 2 of the global agreement.

To conclude the answer to the first point, which addresses the Deputy's question around projections, I have given a commitment to Deputy Doherty and to the Deputy and others, as part of the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach, that my Department, together with the Revenue Commissioners, will continue to work on the long-term term impact of the two-pillar solution with the goal of updating the projected fiscal impact published as part of the stability programme update this spring. We will give a further update, as I believe we should, in the stability programme update of what the Revenue implications are for Ireland of pillars 1 and 2.

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