 What I want to talk about is tax administration is my space, both from a revenue point of view but also for the last two years I have been chairing the OECD forum for tax administration which is a forum of tax commissioners from OECD and non-OECD countries and we have been talking about a lot of the global tax issues in relation to corporate tax and also some of the implementation issues that Pascal mentioned this morning that will come down the road as a result of BEPS. Is that all right? Is that all right? I can hear. Okay, so you've all heard this sort of rubric of race, regime and reputation. Gary will speak about that in a policy context but I put some words under it in an administrative context. Clearly the rate is settled but from my point of view and from the point of view of tax commissioners generally the regime that a country offers includes the efficiency of the tax authority. It includes the cost of compliance for business. It includes stakeholder management and engagement and it includes certainty and I know that's something that we all talk a lot about. And the reputation of the country again from my point of view includes the reputation of the tax administration not just the policy and that reputation has to show from if you want to I would argue attract businesses here. It has to show that we're efficient, that we have integrity, that we're transparent as can be having regard to taxpayer confidentiality and also that we're effective and sometimes the effective word is where the controversy might come from. If you believe this and lots of people do, this is the doing business publication from the World Bank and it says that FDI inflows are higher for economies performing better on these indicators. So here's the compulsory commercial Ireland is number six in the world for easy paying business taxes. Number one in the European Union for easy paying business taxes. This is down to the administration is how many forms and how many hours and how much time and the cost that we impose on business and we're number five in the world for trading across borders and among the issues that are counted on that index have to do with the customs regimes which are operated by revenue as well who are very proud of those indicators and I think they contribute heavily to the reputation part of the previous slide. Tax administration environment is one of the things that I wanted to refer to in the context of corporate taxation and some of you will have heard me use this line before. The backdrop, the biggest backdrop to my mind in our environment is what I call a more engaged public and this is what a more engaged public looks like. These are all readily available on the net. One or two of those are about policy but the bulk of them are about you guys and they're about brand value and they're about damage to the brand. They're not necessarily about the corporate tax regime. They're about the difficulties for business in convincing the public that they are actually being compliant even when they are. So I think that's a backdrop against which this entire conversation is taking place because all of that is influencing governments and is feeding into global tax governance in the context of the G20. The OECD, you heard about that stuff this morning. The Global Forum on Transparency and Exchange of Information which has Pascal Santamont told us is one of the places he worked on in the past. Let's start it out life in the context of a very short focus to try and get more exchange of information and peer review. It is now enormous. It's absolutely huge and the peer review that takes place under that is hugely rigorous. Ireland has been peer reviewed twice and we will no doubt be peer reviewed again. But this is not a light touch peer review. This is a significant peer review and it is on that peer review that Pascal will be building as he mentioned this morning structures to oversee the effective implementation of whatever emerges in the end from the full colour of the BEPS action plans. And then on top of the OECD and the Global Forum, of course, we have significant EU scrutiny and Heinz Zurich outlined some of that this morning so I won't revisit it but it is very real and it's very significant. So what's all that likely to mean in practice? Then Pascal Santamar spoke about automatic exchange of information. In the context of financial information first, now we have lived in the European Union for the last several years with the savings directive. Savings directive is a baby compared to this. It means huge quantums, gigabytes of information about financial instruments, about savings, moving automatically between tax administrations. And at a ceremony a couple of weeks ago, Minister Noonan and I attended and Ireland agreed to be one of the early adopters. So in 2017 we're going to be an early adopter, building on an early adoption which we already have in place for FATCA, which is the American legislation on which this sits. So huge amounts of financial information about entities, not just about personal savings either, flowing round between tax administrations automatically. And then moving on, you heard Pascal speak about openness and transparency, automatic exchange of rulings. Now we've never put in place a formal ruling system in Ireland. We have what we call opinions. Do we want to have a ruling system against that backdrop? What would it look like? How will we avoid having one? What will happen if we do have one? Those are some of the questions that will have to be struggled with over the next short while. And the other piece which I didn't put down there because I never thought of it until afterwards, in the context of one of the BEPS actions, there is an action which has not yet been finalized. So this is all, if you'd like, yet to be determined. But there will be an outcome about country by country reporting of the profits of multinationals. Will that be exchanged automatically once it comes in? I don't know. But in the context of transparency, it's certainly something we need to be mindful of. From the European Union point of view, I think you're well used to, as practitioners, the fact that we've had things in finance acts which have taken another year and a bit to get through the EU scrutiny. So the legislation will be and is being scrutinized very closely. But we have administration has been discovered by the European Union in the last while. They used to just confine themselves to nice stuff like policy. They've discovered us. So we have administrative cooperation directives which will be used and will be used rigorously. And again, Heinz spoke about those this morning. And we will be overseen on our use of them. State aid questions, you heard him speak about those and you're familiar with them. And EU general anti-avoidance rule, again Heinz referred to that this morning in the context of one directive, the parents' subsidiaries, will be a broader one. And where will that leave domestic general anti-avoidance rules? So those are questions. In the context of administration, there is an inevitable demand from some administrations for joint or multilateral simultaneous audits with exchange of information in real time, taking place in a number of countries, under competent authority rules and proper treaty provisions. But this is coming. There's a couple of those already being planned in some countries. Transfer pricing, we're going to be very busy in revenue defending, auditing, and of course, the kind of certainty that business requires will take us into the Mutual Agreement Procedure Forum which is an OECD, an OECD forum. People are even talking about possible binding arbitration. I don't know. Few final thoughts. It seems to me that in the context of competitiveness and Ireland's competitiveness, public confidence in the institutions of state across all sectors is very important. It's a part of the Irish offering, if you like. And for me in revenue and for us in revenue, that includes public confidence in the self-assessment system which has a light administrative burden. Now, how squaring that circle is a tricky one because the lighter we appear in the tax administration, the harder it is sometimes to convince that engaged public that we actually are being rigorous. So engagement between all of the players in the tax environment is important. We have good structures in place, I think, in revenue and in Ireland for that engagement and it works well. My personal prejudice, if you like, and again, some of you will have heard this before, I strongly believe that companies that proclaim themselves to be fans of good corporate governance should include tax and customs compliance in their corporate governance framework at board level. Not always obvious to me that it's done, but certainly some of the environmental things that are coming would suggest that it hasn't been done. Tax risk is not just a financial risk now for your business. It's a reputation risk and it's also a fiscal risk. So I think any of you who aren't seriously thinking about putting tax and customs compliance on your board agendas might want to reflect and finally beware of Pyrrhic victories. And one of my colleagues asked me, what did I mean by that? And I guess what I mean, and again, this is a point I've made in a domestic context. Sometimes some of the calls and demands either on revenue or on government in the tax environment expose us to a further questioning of our reputation and our regime and that isn't really very sensible. So I hope that was short enough and maybe a little bit controversial. Thank you. Thank you very much indeed, Gracie.