Robbie Gallagher (Fianna Fail) | Oireachtas source

The House will join me in congratulating Mr. Peter O'Mahony, the Irish rugby player who yesterday was appointed as captain of the British and Irish Lions team to face the All Blacks on Saturday. I wish him and the other Irish players on the team every success in their exploits ahead.

I want to discuss the issue of corporation tax and our dependence on tax receipts from a few multinationals. It raises questions about the sustainability of our public finances in the future. A parliamentary question was submitted in the Dáil by my party colleague and spokesperson on finance, Deputy Michael McGrath. Some of the information that he received was startling. He noted that 40% of all corporation tax receipts came from just ten multinationals. That highlights how, on the one hand, we can be very proud of this country's achievement in attracting multinationals to set up in Ireland and create much-needed jobs but on the other, how dangerous it can be to be overdependent on multinationals. Will the Leader ask the Minister to attend the House in order that we might have a proper debate on industrial development and what our policies will be?

I note 80% of all corporation tax receipts come from foreign-owned companies, which goes to show we have a great deal of room for expansion in our indigenous industries. We should home in on this factor in the future. While we must look after foreign-owned companies and seek out new ones to come to Ireland, it is important to not lose touch with indigenous companies. Every effort should be made to encourage them to set up and expand in Ireland. It would be a good time for the Minister to attend the House to enable Members to have a discussion on industrial policy in the future.