Budget a 'non-event'

For corporates the Budget was largely a non-event, according to Ernst & Young's head of tax, David Smyth.

Corporate tax incentives are no longer enough to encourage inward investment. A detailed review of our medium to long term strategy to maintain and attract employment is urgently needed.

Mr Smyth said: "There is little of substance when many of Ireland’s low cost competitors are becoming increasingly innovative from a tax perspective. This is undermining our ability to compete for international projects.

"Ireland needs an upgrade to its package of attractions as a place to do business for multinationals.

"This Minister continues to tinker around the edges which will not work.

There are no indications from him of an upgrade of our holding company regime to a comparable status with our European competitors.

"Simple measures such as a full participation exemption for foreign dividends and elimination of withholding taxes on outward interest and dividend payments would have minimal impact on tax revenues but would signal Ireland’s continued appetite to be a player in the global market place."