Written answers

Wednesday, 9 November 2016

Department of Finance

National Risk Assessment

Photo of Bríd SmithBríd Smith (Dublin South Central, People Before Profit Alliance)
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92. To ask the Minister for Finance the strategic risks identified by him in the draft national risk assessment report in relation to tax issues and multinational corporations based here. [31824/16]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The National Risk Assessment (NRA) is an annual horizon scanning exercise in which broader risks to Ireland's well-being are assessed. It takes into account risks from an economic, environmental, geo-political, social and technological perspective to take a holistic view of all potential areas of risk. The NRA finds that the main risks in Ireland in 2016 relate to Brexit/uncertainty over the UK's relationship with the EU, weakening global economic growth, infrastructural deficits, international terrorism and expenditure pressures.

The Department of Finance inputs into this national exercise in respect of economic risks.

Section 2 of the NRA deals with Economic Risks and section 2.3 examines the issues around the importance of multinational corporations to the Irish economy and the risk of unfavourable international tax changes.

The document recognises that Ireland's economy and employment are heavily dependent on a relatively small number of multinational corporations concentrated in a small number of enterprise sectors.

The identified risks in relation to tax issues and multinational corporations simply reflect reality. The Taoiseach has stated that: "the Draft National Risk Assessment 2016 sets out risks for public consultation. They are complex and demand a considered policy response. By being open about these risks, we hope we can have a mature debate about these challenges and their implications for Ireland".

The Corporation Tax receipt profile is kept under ongoing review by the Department of Finance, in conjunction with the Revenue Commissioners, and it is one of the issues covered by the National Risk Assessment is the receipt profile of various tax heads.

The NRA was recently published by the Department of An Taoiseach and is available at the following link - .

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