Peadar Tóibín (Meath West, Aontú)
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15. To ask the Minister for Enterprise, Trade and Employment if he has been notified of companies leaving or reducing operations within the Irish market due to increased corporation tax rate and increasing cost of business in Ireland. [6408/22]

Peadar Tóibín (Meath West, Aontú)
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Corporation tax in this country was the Holy Grail of economic policy for government after government. Anybody who questioned the corporation tax rate in this State was almost deemed an enemy of the State and someone who was attacking the very existence of jobs. Now there has been a change in the corporation tax regime, is the sky falling down? How many businesses have left this country? How many jobs have been lost as a result?

Robert Troy (Longford-Westmeath, Fianna Fail)
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Ireland continues to be an attractive location for foreign direct investment, with strong FDI results in recent years, despite Covid-19 and a downturn in global FDI. I have not been notified of companies leaving because of changes to corporation tax or any other costs to businesses. In fact, the trend has been very positive, with IDA Ireland recently announcing that the number of people employed in multinational companies in 2021 grew by 29,000 new jobs to reach a total of 275,384, the highest FDI employment level. In 2021, the IDA won 249 investments, 104 of which were new name investments.

On corporation tax, while Ireland has agreed to introduce a 15% rate, nothing will change for the overwhelming majority of enterprises. This corporation tax change came as no surprise to the small number of multinational corporations that will be affected. In fact, the decision has brought the clarity that is required for long-term planning when considering investment. To these would-be investors, Ireland offers more than just a competitive tax rate. Our skills, our people and our commitment to the European Union are significant advantages.

In respect of business costs, it is clear Covid-19 has created challenges for companies across the world. There has been an enormous economic upheaval as a result of the pandemic and we are still living with the aftershocks. A rapid recovery, along with rising energy prices and international supply chain bottlenecks, have been driving prices and inflation. Rising inflation is not a challenge that is unique to Ireland. It is a pattern repeated around the world as the global economy recovers from the shock of the pandemic. Despite these challenges, Ireland remains a resilient and stable platform for companies choosing to invest here.

Kathleen Funchion (Carlow-Kilkenny, Sinn Fein)
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There is one minute left.

Peadar Tóibín (Meath West, Aontú)
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Ireland has had a bargain basement corporation taxation policy for the past 20 or 30 years. We have an infamous reputation as a tax haven. We have done enormous damage to ourselves among our international partners. In debates I have had with the Tánaiste in this Chamber and on radio and television I have stated that any change to the corporation tax of this country would lead directly to radical difficulties within businesses and in regard to the development of a foreign direct investment and a loss of jobs. I welcome the Minister of State's statement that none of that was true and that none of that has manifested itself in any material way. When we look back, is it not true the Government has been pulled kicking and dragging in regard to this new regime? We have lost tens, possibly, hundreds of billions of income forgone as a result of not properly taxing international corporations in this country.

Kathleen Funchion (Carlow-Kilkenny, Sinn Fein)
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Thank you Deputy. We have to move on to the next round of questions.

Peadar Tóibín (Meath West, Aontú)
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Fine Gael in particular sells itself as a party of business. The increase in input costs, rents etc. is costing major difficulties with regard to competitiveness in the economy.