Alice-Mary Higgins (Independent) | Oireachtas source

It might be useful if the Minister of State could provide us with information on the job creation potential before the next Stage because a lot of this seems to be around a different product that investors can buy. I think he hit on the nub of it when he mentioned other products that are available elsewhere. It is not around new industries being created, it is effectively around new products being offered. That is a concern. There are also other elements of concern in the Bill which we will have an opportunity to discuss later. One of my key concerns with the Bill relates to whether it might facilitate greater movement of investors between Luxembourg, the Channel Islands, Ireland and elsewhere in terms of where they get the better deal at the time. Anything that pushes us into a competitive dynamic where we are racing against each other in terms of investments is not necessarily a healthy way of engaging with or regulating the investment sector. I have a wider concern than the Minister of State's response touched upon.

I appreciate some of the points made by the Minister of State regarding the OECD. It is our prerogative to discuss our compatibility with it, even if we have not implemented the measures. I do not think my amendment is contradicted by the points the Minister makes. I hope and trust the Minister will champion the fast-tracking of full compatibility with the OECD, as I think that is important.

Others have made points to me about the timing of my report, suggesting that perhaps it needs to be slightly longer so that we can see what impact there might be, given that the first few months may be taken up with the companies setting up these structures and may not have time for a report.

I will speak to section 4 in a wider sense. I note that there are other aspects of section 4, including the question of the definition of "beneficial owner". The level is set at a 25% share, which is quite a high threshold in terms of beneficial owner. I am also concerned about the definition of "limited partner". They may be issues we will come back to as well on Report Stage.

My amendment may not be perfect and I recognise that we will have a form of report within 12 months, but because this is the only amendment in which I am able to put down a marker in terms of the OECD base erosion and profit shifting and the issues concerning revenue, I will still press the amendment. I appreciate and thank the Minister of State for providing the information he has given on his engagement with the Revenue Commissioners, and the lengthy answer in that regard. That is an issue I might try to follow up further with the Minister of State because I am conscious that amendments concerning the issue are often not compatible in terms of the potential charge on the Exchequer but there are a couple of issues I would like to tease out. I will press the amendment.