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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU Corporate Taxation and Investment and Growth Strategies: Commissioner for Economic and Financial Affairs, Taxation and Customs (24 Jan 2017)

Kieran O'Donnell: Has it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU Corporate Taxation and Investment and Growth Strategies: Commissioner for Economic and Financial Affairs, Taxation and Customs (24 Jan 2017)

Kieran O'Donnell: Mr. Moscovici said he believes that Ireland will benefit from the CCCTB. Is it fair to say that about countries with large export aspects to their economies? Our exports are over 120% of our GDP, unlike many of the other countries in Europe. How do we gain from CCCTB if a substantial portion of those exports are going into the Commissioner's home country, France, as well as Germany and...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU Corporate Taxation and Investment and Growth Strategies: Commissioner for Economic and Financial Affairs, Taxation and Customs (24 Jan 2017)

Kieran O'Donnell: Some might say that the Commissioner is.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU Corporate Taxation and Investment and Growth Strategies: Commissioner for Economic and Financial Affairs, Taxation and Customs (24 Jan 2017)

Kieran O'Donnell: With all due respect, I have very little time. My question was specific. The Commissioner is running down the clock.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU Corporate Taxation and Investment and Growth Strategies: Commissioner for Economic and Financial Affairs, Taxation and Customs (24 Jan 2017)

Kieran O'Donnell: A large proportion of the weight of the CCCTB system will be on where sales take place. If they are taking place outside Ireland, particularly for multinationals, how will we gain from the CCCTB system? It will undermine-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU Corporate Taxation and Investment and Growth Strategies: Commissioner for Economic and Financial Affairs, Taxation and Customs (24 Jan 2017)

Kieran O'Donnell: With due respect, if one is taxing the very small profits made in Ireland, it will make no difference what one's tax strategy is as one's tax take will go down significantly. Tax will be earned by the country in which the sales take place. As such, how can the Commissioner say the CCCTB system will benefit a small open economy - there is none more open than Ireland in a European context -...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU Corporate Taxation and Investment and Growth Strategies: Commissioner for Economic and Financial Affairs, Taxation and Customs (24 Jan 2017)

Kieran O'Donnell: With due respect-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU Corporate Taxation and Investment and Growth Strategies: Commissioner for Economic and Financial Affairs, Taxation and Customs (24 Jan 2017)

Kieran O'Donnell: The Commissioner has not answered the question.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU Corporate Taxation and Investment and Growth Strategies: Commissioner for Economic and Financial Affairs, Taxation and Customs (24 Jan 2017)

Kieran O'Donnell: The Commissioner is toying with us.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: EU Corporate Taxation and Investment and Growth Strategies: Commissioner for Economic and Financial Affairs, Taxation and Customs (24 Jan 2017)

Kieran O'Donnell: Before the Commissioner said something.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Statement of Strategy 2017: Department of Finance (19 Jan 2017)

Kieran O'Donnell: I welcome Mr. Moran and his colleagues. What does Mr. Moran consider the biggest single issue facing the Irish economy?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Statement of Strategy 2017: Department of Finance (19 Jan 2017)

Kieran O'Donnell: It is both the Brexit and the Trump factors.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Statement of Strategy 2017: Department of Finance (19 Jan 2017)

Kieran O'Donnell: Taking from that, I will direct a question at Mr. McCarthy. Given what has been announced by Prime Minister May in terms of Brexit and the outcome of the elections in America and President-elect Trump, do the figures for budget 2017 stand up? Do the assumptions that were made in the budget still stand up?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Statement of Strategy 2017: Department of Finance (19 Jan 2017)

Kieran O'Donnell: Do the assumptions, including those in terms of the exchange rate with sterling, still stand up?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Statement of Strategy 2017: Department of Finance (19 Jan 2017)

Kieran O'Donnell: I am talking about 2017.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Statement of Strategy 2017: Department of Finance (19 Jan 2017)

Kieran O'Donnell: You know now.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Statement of Strategy 2017: Department of Finance (19 Jan 2017)

Kieran O'Donnell: Mr. McCarthy might expand on that. Mr. McCarthy made reference to many different changes. The ordinary person will want to know certain things. We have spoken about jobs and 40,000 fewer jobs was mentioned. Increasing the terms of the national debt by €20 billion was mentioned. A reduction in exports to the UK by one third was also mentioned, something which will have an...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Statement of Strategy 2017: Department of Finance (19 Jan 2017)

Kieran O'Donnell: It will affect the amount of money the Government has available to spend on public services.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Statement of Strategy 2017: Department of Finance (19 Jan 2017)

Kieran O'Donnell: In actual terms, how much does Mr. McCarthy anticipate will be the reduction in tax intake and money available for spending?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Statement of Strategy 2017: Department of Finance (19 Jan 2017)

Kieran O'Donnell: Mr. McCarthy is saying that economic output would be between 3% and 4% lower than if Brexit had not happened.

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