I previously raised in the Dáil the issue of the funnelling of €118 billion through the International Financial Services Centre, IFSC, by 106 Russian-linked shell companies availing of section 110 of the tax code. These shell companies pay no tax and have no employees. I raised this issue not once, not twice, but three times with the Government. I raised it in the Chamber in September 2020, I raised it with the Minister in front of the finance committee on 6 May 2021, and I wrote to the Minister for Finance on 27 May 2021 but I got no response. What has been done since I raised this issue in September 2020? Section 110 allows companies, and not just Russian companies, to use interest payments to write down their tax obligations to zero. When will this finally be phased out? It is clearly not in line with the current reforms in international tax regimes. I really want to know what has been done since I raised it in this Chamber in September 2020.

We are fully in accordance with international regimes in terms of taxation and in terms of the European Union's capital and financial markets.

What has been done in respect of this?

We are regulated by the European system as a country. In respect of the IFSC, special purpose vehicles have been established there that are used in securitisations and structured finance transactions. That includes services that----

What has been done since I raised this issue?

-----have been provided to some Russian entities.

I got no response from the Government.

The Government has taken steps to deal with these issues.

I got no response.

They include making changes to tax laws in the Finance Acts. That has happened. Last year, significant changes were made to anti-money laundering legislation. The Finance Act 2021 saw the completion of our transposition of the anti-tax-avoidance directive, which is ahead of many other member states across Europe. The Act also introduced the authorised OECD approach for the transfer pricing of branches and it contains the process of introducing new tax transparency measures-----

Why has it not been mentioned by the Government since I raised it in 2020?

-----that Ireland has played an active role in developing at the OECD and European Union.

It has not been mentioned once by the Government.