Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I thank the Minister. I am going to park pillar 1 because it never came into effect anyway and we have not transposed it into legislation. If we look at it from a financial point of view it was not in our interests and if we look at it from a global point of view it was good to have an agreement internationally.

Pillar 2 is a serious problem for us because it is now in our domestic law and companies are preparing for the 15% minimum effective tax rate, which I completely and utterly support. Those companies are probably asking whether that tax rate is going to apply and can this deal go ahead without American involvement. I agree with the Minister’s point we need to try to bring America back into the fold and discuss this, but my question is whether he or the Department are looking at that legislation and how it would apply if America stays with its current position. Our legislation means this State will potentially have to collect taxes from American companies that never operated here and never employed anybody here just because they have a subsidiary here. That is a serious problem for this deal. The interest is to get the Americans back in to discuss and negotiate this but if that does not happen what preparations are we making and what is the timeframe we need to deal with?

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