Vincent Sheridan, the Institute of Chartered Accountants in Ireland (ICAI) president, said a European common consolidated corporate tax base (CCCTB) ‘if successful’ would be a major threat to one of the main planks of Ireland’s economic strategy.

‘One area where I do have real concern is the growing movement among the larger European countries - with the exception of the UK - for a common consolidated European tax base,’ he said.

‘This threatens one of the main planks of our economic strategy and if introduced would render useless the protection negotiated in the EU Reform Treaty that decision on tax rates required unanimous approval.

‘We will be the only country in Europe whose citizens will be voting on the reform treaty. I am firmly in favour of a yes vote but I would like assurances in the course of this debate that these calls for a common tax base across Europe will not be allowed to jeopardise our economic growth strategy.’

Further reading:

Pan European tax system demanded

Editor's letter: Taxation sans frontiers