Committee calls for all-Ireland corporation tax

The new Northern Ireland Assembly must cut the corporation tax rate to the same level as the rest of Ireland to create a one-island economy, an Oireachtas Committee said today.

Leaders of the Democratic Unionist Party and Sinn Féin announced on Monday that they will begin a power-sharing administration on May 8.

The Enterprise and Small Business Committee today published a report on the role of state agencies in the promotion of Irish trade abroad.

Senator Terry Leyden, who authored the findings, said cutting the North’s corporation tax rate to 12.5% will secure more investment.

He said: “Harmonised corporation tax rates are essential. We have to create a all-island economy and promote that concept abroad to attract foreign investment.

“What’s good for the Republic is good for Northern Ireland.”

Mr Leyden also called for the UK to join the euro so that firms can benefit from a harmonised currency across the island of Ireland.