Sean Barrett (Independent) | Oireachtas source

The Taoiseach will today address the OECD report published this week on base erosion through profit shifting, BEPS, and corporate tax. A Government press release indicates the Taoiseach will defend the 12.5% corporation tax rate, which is very valuable to the country. I support his position in that regard and his view that Ireland is not a brass plate location. However, the important part of the draft speech is the Taoiseach's view that, as international tax loopholes are closed, our low corporation tax rate will become even more attractive and offer a great opportunity. Ireland should fully participate in any moves by the OECD and United States against the international tax lawyer and tax accountant loophole industry. We have a 12.5% corporation tax rate and it is incumbent on companies that they pay it. The tax base must not be eroded for the many reasons outlined by Senator Cullinane and others. We need tax revenues.

Our industrial policy must be refocused on competitiveness, better sheltered sector services, better value for pubic expenditure and the better policies the House is dedicated to achieving. I ask that the Minister for Jobs, Enterprise and Innovation, Deputy Richard Bruton, come before the House to discuss the implications of the BEPS report and the Taoiseach's address for honing a better industrial policy, while retaining the 12.5% corporation tax rate.

It is expected that the United States Senate will vote this evening to approve the appointment of a new ambassador to Ireland, Mr. Kevin O'Malley, whom the Senate Committee on Foreign Relations has already unanimously endorsed. The appointment of an American ambassador emphasises yet again the strong investment, cultural, tourism and demographic links between the United States and Ireland. Mr. O'Malley is a man of great distinction and the 40 million Americans of Irish extraction will welcome his appointment. We should look forward to welcoming the new ambassador to the House, especially as we have been without an American ambassador since December 2012.