The industry body representing Ireland's lucrative high-tech sector has hit out at calls made by the Economic and Social Research Institute (ESRI) for a hike in corporate tax rates.
In its Medium Term Review, released at the end of September, the ESRI suggested that 'some rise in the rate of corporation tax might be desirable'. However, ICT Ireland chief, Brendan Butler has dismissed this claim, warning that any increase in business tax levels might threaten the jurisdiction's attractiveness for multinational companies.
'At a time when Irish industry is facing some of its greatest challenges in over 10 years, it seems incredible that the ESRI would make such a proposal,' Mr Butler protested on Monday. He added that as the Taoiseach, Bertie Aherne, had secured agreement at EU level regarding corporate tax harmonisation, it seemed unusual that the ESRI should question this position.
The ICT Ireland director revealed that of the 100,000 jobs offered by Ireland's high-tech sector, around 55,000 are provided by multinational companies, attracted by the country's low corporate tax rates.
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