Timmy Dooley (Clare, Fianna Fail)
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Question 65: To ask the Minister for Finance if he has discussed Ireland's corporate tax rate with his EU colleagues; if so, with whom; the response he has received; and if he will make a statement on the matter. [2687/12]

Michael Noonan (Limerick City, Fine Gael)
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The Deputy is well aware of the Government's continued commitment to ensure that Ireland's corporate tax rate remains unchanged. I recently restated this position in my Budget 2012 speech. Under the Euro Plus Pact for Stronger Economic Policy co-ordination for Competitiveness and Convergence which was agreed at the European Council in March 2011, Ireland as well as those other Member States who signed up to the Pact, are committed to discussions on tax policy co-ordination and to engage constructively with the CCCTB proposal. Ireland will honour these commitments.

Timmy Dooley (Clare, Fianna Fail)
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Question 66: To ask the Minister for Finance if he has discussed the issue of a financial transaction tax with the UK regarding their relationship with the EU and the potential use of a veto on the matter; and if he will make a statement on the matter. [2698/12]

Michael Noonan (Limerick City, Fine Gael)
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As I have stated clearly in the past, if such a tax cannot be introduced on a global basis, I think it would be better if it were introduced on an EU-wide basis. This would prevent any distortion of activity within the Union. Our major concern is that, if an FTT is introduced, it could affect the financial services industry, especially in the IFSC, and lead to some activities moving abroad. If, as some countries have proposed, the tax was to be brought in under enhanced co-operation arrangements, we would fear we could lose business to London, since the UK is strongly opposed to this initiative. In the past, certain financial activities moved to London when other countries enacted similar taxes. The current draft proposal is still being discussed at EU Council Working Party level and will be considered again by the Council of Ministers later this year. I have made clear our views, as has the Taoiseach, in discussion with our European colleagues.