Dublin Chamber of Commerce has called on the Government to help bring Ireland’s key business tax rates in line with the UK.

Dublin Chamber said the government must show a commitment to entrepreneurs and businesses in the same way that the UK has done over the past five years.

Dublin Chamber’s Director of Public Affairs Aebhric McGibney said the news that the UK is considering lowering corporation tax - one of the few tax rates which is currently lower here - should serve as a wake-up call to the Irish Government.

“We must now concentrate on rolling out the green carpet for business, which will allow us to maximise the opportunities thrown up by a British exit from the EU,” said Mr McGibney.

British Chancellor George Osborne is planning to cut corporation tax to less than 15 per cent as part of a plan to give Britain a post-Brexit vote boost.

Cutting more than fiver per cent off the current rate would see Britain close in on Ireland’s 12.5 per cent levy and make it one of the most competitive global economies.

“A strong focus must be placed on ensuring that Ireland has a pro-business tax regime which is competitive with what is on offer in the UK. The Government must act decisively and boldly to attract new business to Ireland to help firms already present here to grow and create jobs,” he said.

In its pre-Budget submission, Dublin Chamber called for a number of changes to tax rates, including:

• A reduction in the Entrepreneur’s Relief Rate of CGT to 10 per cent and an increase in the lifetime limit of this relief to €10 million

• An increase in the VAT registration thresholds

• An employer’s PRSI Tax Credit to help micro-businesses hire more staff.

“A strong focus must be placed on ensuring that Ireland has a pro-business tax regime which is competitive with what is on offer in the UK. The Government must act decisively and boldly to attract new business to Ireland to help firms already present here to grow and create jobs.”