Seán Fleming (Laois-Offaly, Fianna Fail)
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Question 108: To ask the Minister for Finance if he will reconsider the recently introduced pension levy in view of the fact that members of pension schemes are facing increased contributions and reductions in benefits; and if he will make a statement on the matter. [25859/11]

Michael Noonan (Limerick City, Fine Gael)
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As I explained in my speech introducing the "Jobs Initiative" in May last, the decision to fund the Initiative by way of a levy on pension funds over the 4 year period was taken because the alternatives for increases in taxation elsewhere at this time would be more damaging to the economy.

I do not have any plans for alternative sources of revenue to fund the Jobs Initiative.

Eric Byrne (Dublin South Central, Labour)
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Question 109: To ask the Minister for Finance if he will confirm that companies from outside this jurisdiction operating within this State will in the future be required to report on their taxes paid and profits made on a country basis. [25903/11]

Michael Noonan (Limerick City, Fine Gael)
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The issue of country-by-country reporting by Multinational Enterprises (MNEs) features prominently on the agenda of both the European Union and the OECD. In 2010, the EU Commission issued a Communication setting out a twelve point action plan in support of the Millennium Development Goals which inter alia called on Member States to facilitate ongoing research into country-by-country reporting. Work is proceeding at the EU level on this with an initial focus on the extractive sector.

In parallel, the OECD, through the work of the Development Assistance Committee, is seeking to enhance transparency and accountability of MNEs including an examination of the feasibility of introducing full disclosure through country-by-country reporting.

While we are supportive of the efforts of the EU Commission and the OECD in this area , we are also pragmatic in recognising the inherent difficulties in advancing the issue, because of the many stakeholders involved including the International Accounting Standards Board and MNEs themselves which have very real competitive concerns.

I want to assure the Deputy that we will continue to work with our Partners on this issue but equally we would not wish that this issue would deflect attention from other very important transparency issues such as Exchange of Information and facilitating developing countries in their negotiations with MNEs.