James Heffernan (Labour)

I welcome the Minister and apologise that I missed his opening remarks because I was at a committee. I will not profess to be an expert when it comes to economics, my knowledge of economics is pretty limited. This legislation seems very sensible in that it will remove that onerous task of having to compile to separate sets of accounts. Where I come from, we know how important foreign direct investment is in providing jobs and this legislation can be seen in that light.

Having to complete two sets of accounts is a very onerous task. I agree with Senator Clune that it is a pity harmonisation seems to be taking a very long time. I do not know if it can happen, although perhaps the Minister might have a different point of view. It is a pity we cannot introduce a single set of accounts.

I am sure every Member will know that red tape is a major problem and stumbling block for businesses, even for small and medium sized businesses. It is seen as a barrier in some respects so I commend the Minister on these measures to reduce the amount of red tape for companies.

As Senator Quinn pointed out, we must continue to make this country as attractive as possible for foreign direct investment, especially given the position in which we find ourselves. It is paramount that we continue to attract foreign companies. Our low corporation tax is thrown up every time a referendum is held, we are told it will be abolished and so on. It is hugely important that we continue to bring companies here and this will go some way towards doing that.

The Irish Independent mentioned that the measure will save companies €15 million per year but no source was given for that information. Perhaps the Minister will be able to clarify that for us. If it will save companies €15 million per year, I hope they will invest it in real and tangible jobs. I thank the Minister.