Accountants: Rise in tax will stifle economy

Any increase in taxes will stifle recovery in the domestic economy and result in further job losses, according to Chartered Accountants Ireland (CAI).

Its president Austin Slattery said: “There are two economies in Ireland at present. While internationally traded goods and services are holding their own in export markets, the indigenous domestic economy continues to struggle.

“Unemployment continues to grow. After five years of successive tax increases, we cannot afford to damage the domestic economy any further with more tax hikes in 2013.