Although Ireland has benefited significantly from its membership of the European Union, a fact that supporters of the Treaty were keen to stress, increasing unemployment, the somewhat unceremonious departure of Bertie Ahern as Taoiseach earlier this year, and concerns regarding the impact on the Irish economy and way of life of greater integration into the machinery of the EU are all thought to have played a part in the 'No' vote.

All eyes were on the Republic on Thursday, as it was the only EU member to call a referendum on the Treaty, which was drawn up to replace the EU constitution rejected by France and the Netherlands in 2005.

Although EC President, Jose Manuel Barroso had reportedly stated that there was no "Plan B", it is possible that the Treaty could go ahead, if a legal accommodation can be reached with Ireland on the matter.

Commenting earlier this month on the tax aspect of the 'No' campaign, the Institute of Chartered Accountants in Ireland (ICAI) expressed concern about what it dubbed "the confusion being spread by advocates of the Lisbon 'No' campaign in relation to Irish Tax policy".

In a statement, the ICAI sought to dispel what it considered misinformation being spread by certain elements of the 'No' campaign in the run-up to the 12th June referendum on the Lisbon Treaty.

"The Lisbon Treaty does not affect Ireland’s tax sovereignty. It is not related to the Common Consolidated Corporate Tax Base, which is a framework of proposals being worked upon by European Union civil servants, which even if they come to fruition cannot be imposed on Ireland," the ICAI stated.

"ICAI has been campaigning against the Common Consolidated Corporate Tax Base since its inception. There are those who seem to believe that there is an EU wide conspiracy to compel Ireland to take part in the Common Consolidated Corporate Tax Base. But, if that is the case, why are they campaigning against a Treaty that confirms our tax veto?" the statement asked.