In an interview with the Irish Independent earlier this week, Ireland's new Minister for Enterprise, Trade and Employment, Mícheál Martin suggested that a reduction in the Republic's 12.5% corporate tax could not be ruled out in the next few years if the jurisdiction shows any sign of a decline in competitiveness.
"This would not be an immediate issue, although we cannot rule it out in the future," he observed, adding that:
"Our competitors are the developed economies and we can't lose focus on that."
In addition, Mr Martin talked to the newspaper about other plans for keeping Ireland economically competitive, such as increasing research and development (R&D) spending.
"A key area is R&D innovation which can be achieved through the National Development Plan. It will play an important role in keeping us competitive in the future," he suggested.
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