Lenihan: Firms don’t face higher profits tax

FINANCE Minister Brian Lenihan has sought to reassure companies that they won’t face higher taxes on their profits despite the state needing to raise more revenue.

Mr Lenihan yesterday ruled out any increase to Ireland’s corporation tax rate but confirmed other tax hikes were in store in the budget.

His department said the minister had “acknowledged that taxation will form part of the solution” in trying to reduce the deficit. But the department insisted that an increase to corporation tax – which is levied on company profits – would not be among the hikes.