Conor Lenihan (Dublin South West, Fianna Fail)

The media often does a great deal of damage to Ireland by depicting it as some sort of tax haven. It is important to state that Ireland is not a tax haven. Our low rate of corporation tax is very attractive to overseas investors. Articles expressing all sorts of fear and loathing were published in the Irish media in advance of last year's US election. It was suggested that Ireland was one of the tax havens against which Mr. Obama would move in the event of his election. The purpose of the legislation that has been introduced in the US is to move against traditional tax havens in the Caribbean and elsewhere. It is not a move against Ireland, which is not on the black list of international tax havens. I accept that our low corporation tax regime is attractive.

Senator Donohoe asked whether this legislation will give Ireland a competitive advantage. I do not want to overstate the case. This legislation is a tidying up exercise, at best. It is not something that IDA Ireland will include in its brochure as a great advantage.

I hope I have answered all the interesting questions that were asked by Senators. I thank them for their interest in this complex area, which does not lend itself to being easily explained as an example of the worthy work of the Seanad. Members have asked sharp questions and expressed genuine concern about this complex legislation. I do not think the viewing public will take a particular interest in it. I thank Senator Donohoe, in particular, for his sensible contribution.