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\f0\fs24 \cf0 WEBVTT\
\
1\
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2025 has been a turbulent year\
in tax policy,\
\
2\
00:00:06.720 --> 00:00:10.080\
shaped by global uncertainty\
and shifting priorities.\
\
3\
00:00:10.680 --> 00:00:15.000\
We have witnessed a shifting global\
landscape, heavily marked by US actions\
\
4\
00:00:15.000 --> 00:00:19.800\
under the Trump administration and ongoing\
uncertainty in international frameworks.\
\
5\
00:00:20.480 --> 00:00:23.640\
The imposition of new US\
tariffs has disrupted\
\
6\
00:00:23.640 --> 00:00:28.200\
global trade flows, impacted supply\
chains and altered tax bases worldwide.\
\
7\
00:00:28.640 --> 00:00:31.120\
The United States opposition to Pillar Two\
\
8\
00:00:31.120 --> 00:00:34.760\
has also cast doubts\
over the future of the global minimum tax.\
\
9\
00:00:35.000 --> 00:00:38.160\
This has eroded confidence\
in the international tax framework,\
\
10\
00:00:38.320 --> 00:00:42.400\
causing us to see continued global\
movements away from multilateralism.\
\
11\
00:00:42.880 --> 00:00:48.040\
Whilst section 899 was not ultimately\
legislated in light of the G7 agreement,\
\
12\
00:00:48.480 --> 00:00:52.320\
the possibility still remains for the\
provision to make a comeback next year.\
\
13\
00:00:52.800 --> 00:00:56.160\
The threat of such provisions\
further complicates the landscape\
\
14\
00:00:56.160 --> 00:00:57.600\
for cross-border business,\
\
15\
00:00:57.600 --> 00:01:01.640\
and adds to the sense that we remain\
in an era of unpredictability.\
\
16\
00:01:02.280 --> 00:01:05.480\
Against this backdrop,\
the European Union has been forced\
\
17\
00:01:05.480 --> 00:01:07.920\
to reconsider its own position.\
\
18\
00:01:07.920 --> 00:01:10.800\
With global consensus on Pillar\
Two wavering,\
\
19\
00:01:10.800 --> 00:01:14.760\
the EU faces tough questions\
about its ability to maintain\
\
20\
00:01:14.760 --> 00:01:18.000\
a level playing field\
and protect its competitiveness.\
\
21\
00:01:18.600 --> 00:01:23.160\
Simplification has emerged as a priority,\
but progress has been slow\
\
22\
00:01:23.160 --> 00:01:27.040\
and the EU is acutely aware\
that without swift actions\
\
23\
00:01:27.040 --> 00:01:30.040\
there, competitiveness\
risks slipping further.\
\
24\
00:01:30.120 --> 00:01:32.080\
Ireland's\
position is particularly important\
\
25\
00:01:32.080 --> 00:01:36.240\
as it prepares to hold the EU presidency\
in the latter half of 2026.\
\
26\
00:01:36.600 --> 00:01:39.640\
There's mounting pressure for Ireland\
to show leadership in this scenario.\
\
27\
00:01:39.680 --> 00:01:42.640\
Yet at home, its tax reform\
agenda, particularly around\
\
28\
00:01:42.640 --> 00:01:45.840\
interest deductibility,\
needs to be bolder and faster.\
\
29\
00:01:45.960 --> 00:01:49.880\
The government has also flagged\
that it is to publish an R&D compass soon\
\
30\
00:01:50.160 --> 00:01:53.400\
and that there will be further exploration\
of an innovation regime.\
\
31\
00:01:53.680 --> 00:01:57.120\
But again, more speed and clarity\
are needed at this moment of urgency.\
\
32\
00:01:57.600 --> 00:02:00.600\
In summary,\
2025 has been a year of disruption\
\
33\
00:02:00.840 --> 00:02:04.000\
and hesitation as we look ahead to 2026.\
\
34\
00:02:04.160 --> 00:02:07.440\
Ireland's presidency will be\
an opportunity to reset the agenda.\
\
35\
00:02:07.640 --> 00:02:10.600\
Whilst we anticipate that\
the landing of the OECD's Pillar\
\
36\
00:02:10.600 --> 00:02:14.400\
Two side by side agreement will bring more\
questions and uncertainty.\
\
37\
00:02:14.640 --> 00:02:17.600\
This increases the need\
for simplification, competitiveness\
\
38\
00:02:17.600 --> 00:02:20.600\
and innovation to be prioritised\
on the tax policy agenda.\
\
39\
00:02:20.760 --> 00:02:23.760\
If Ireland is to thrive\
in this moment of uncertainty.\
\
40\
00:02:24.200 --> 00:02:26.680\
Let's close out on 2025 on a high note.\
\
41\
00:02:26.680 --> 00:02:27.560\
Rest well.\
\
42\
00:02:27.560 --> 00:02:30.840\
Recharge, and let's continue\
the conversation in 2026.\
\
43\
00:02:31.200 --> 00:02:32.080\
Thank you so much.}