Call to protect corparation tax rate

The American Chamber of Commerce in Ireland is warning that any increase in the Irish corporation tax rate would be detrimental.

The Chamber - which represents over 600 US firms with operations here - said the current rate of 12.5% is critical to both domestic and multinational firms.

The new president of the organisation said Ireland's reputation overseas has taken a battering due to the economic and banking crisis, and needs rebuilding.

Gerry Kilcommins said the Government must also resist any pressure to increase the corporation tax rate, which he says is vitally important.