Corporation tax move would be step too far

FROM an Irish standpoint, capitulation on the 12.5% corporation profit tax would set the prospects of the economy back a step too far.

Ever since the pressure started to have a higher rate imposed on Ireland, US multinationals made it clear this would not be well received by them.

Tom McCarthy head of the IMI, who has close links to the sector, said any move up from the 12.5% rate would set back the Irish economy and lead to an outflow of US firms from here.