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Snippet Contents:

As Deputy Howlin stated, the Minister has not yet given us a reason for settling a rate of 12.5%. We know there was extensive lobbying of the Department to set it at 12.5%. I still do not understand why we are trying to push this measure through before midnight tonight in a 40-minute debate. It will have a profound impact, albeit not immediately because no income will accrue from it according to the Minister's estimates. However, we do not know what will happen next year, the year after or the year after that. The House is to push the measure through in 40 minutes on the basis that there is very little activity in this area. The estimates suggest it will be revenue neutral and will not generate income. That is the position as of now. We need a more in-depth and detailed explanation from the Minister. We have received no supporting papers from the Department, bar a couple of paragraphs about the BEPS report published in October 2015, and the need to transpose the relevant directive before 1 January 2020. There is very little detail.
It is a mistake to rush this measure. Once the financial resolution is passed, there is nothing we can do. The amendment which has been put forward calls for a report. If such a report were to find that we should have kept the rate at 33%, there will be nothing any of us can do because the financial resolution will have been passed. It would be more prudent to draw up the report before the Finance Bill. If we are given that information, we can make an informed decision during the passage of the Finance Bill. We seem to be doing it the wrong way around. We are making the decision and then we might have a look at a report. If the report indicates that we should leave the rate at 33% or set it at 25%, the horse will have bolted.