Maurice Cummins (Fine Gael)

I also want to comment on our 12.5% corporation tax rate. It is recognised by most political parties that it is of paramount importance for foreign direct investment and the creation of jobs in this country to retain that 12.5% tax rate. It is regrettable that President Sarkozy has come out against Ireland on this tax. We are a sovereign nation and can have whatever tax we wish. It is the prerogative of President Sarkozy to reduce his own country's corporation tax rate if he believes ours is of such benefit to us. I look at Taiwan, one of the most expanding nations in the world, which has growth rates of 9% to 10% and which has recently reduced its corporation tax rate from 22% to 16%. We do not intend to take lectures from President Sarkozy or those from any of the other countries on our tax system. We will deal with it as we see fit and as long as we can repay our debts to the European Union, it cannot have any say in our tax system.

Some political parties, such as People Before Profit and others, suggest that we should increase our corporation tax rate, and this at a time when we need to create jobs, we need foreign companies to come to this country and we need foreign companies with a presence in this country to stay here. This suggestion by People Before Profit and the alliance of the left, or whatever they call themselves, that we increase our corporation tax rate by 2% to 3% or even more to solve our economic problems is an absolute disgrace. It is a mockery where economics is concerned.