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

I will respond to both. Everything we are doing - I am only speaking about finance - is to try to ensure that in the scenario of a no-deal Brexit involving a crash out without anything in place, we are able to continue as far as possible in a similar vein without impacting on all types of taxes - income, corporation, capital gains, VAT, stamp duty, CAT, excise and settlement finality - and insurance also. We are not saying we have everything here, but this is our best estimate of the areas that we can try and impact in order to smooth the road for companies and individuals as best we can.

We are also highlighting that there are potential areas we may not have covered. We may need to deal with those as they arise. I accept the Senator's concern that we rattled through it and perhaps I was being a little glib about the Senators' efficiency. We had the same conversation in the Dáil. This is our best estimate. Some people like to use the term "guesstimate"; I do not. These are what we know we have to do in the case of a no-deal Brexit.

Senator Ó Céidigh asked about VAT and importers and exporters. Again we discussed this with Revenue. In a no-deal Brexit, VAT would be automatically chargeable. We have tried to continue the same structure, trying to be as helpful as we can be so that the current structures still arise and people can pay the VAT for the period, which is normally quarterly for businesses, so that it will not impact on cashflow.

The Senator's other point about VAT on transport is not a Brexit issue. It is a separate issue that has existed in the Border area for some time.