ICT Ireland, the trade body representing the country’s burgeoning information technology sector, has urged the Irish government not to bow to pressure from tax harmonisation advocates within the EU and raise its corporate tax rate.
"Any change in stated government policy to retain a 12.5% corporate tax rate would be detrimental to our chances to retain and attract foreign direct investment to Ireland," said Peter McManamon, chairman of ICT Ireland's taxation committee.
He added that Ireland’s low tax reputation has been "frequently cited by foreign-owned companies as the primary reason for which Ireland was chosen as a location."
ICT Ireland represents some 1,300 companies in the sector, employing around 90,000 employees, of which 55,000 are employed by multinational firms – a significant proportion of the workforce given the country’s relatively small population of 3.9 million.
The trade body also revealed that Ireland has attracted a quarter of all US investment into Europe over the last ten years.
Mr McManamon’s words come as the Irish government prepares its 2005 budget, and debate continues to rage in Europe on the question of harmonising corporate tax rates and the linking of taxation to the receipt of structural aid.
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