Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

The cap was reintroduced not to raise additional revenue but to effect the smoothing of corporate tax receipts over time. Therefore, retrospective application of the cap would not have resulted in any additional receipts, simply a change of time periods. The Senator is looking for retrospective taxation and we do not do that in this jurisdiction. In respect of tax matters it is almost always, on every occasion, the case that tax matters are prospective, for future dates.