Members of AAA and PBP at odds over approach to corporation tax

The proposals put forward by the AAA-PBP are made up of €25bn in adjustments next year.

Although the combined AAA-PBP believe they could realise an extra €4bn from closing loopholes and making other adjustments to corporation tax, when it comes to increasing the levy, the grouping have significantly different views.

The PBP favour just a slight adjustment on the 12.5% rate, while AAA would like to see far more significant increases.

PBP TD Richard Boyd-Barrett said: "There is a slight difference of opinion between ourselves and the Anti-Austerity Alliance as to what is the way to achieve this and how far we would have to push up the nominal rate in order to get €4bn.

"People Before Profit believe we could get the bulk of that by ensuring that there is a proper 12.5% rate on gross profits and then raising it a few points."

Mr Boyd Barrett added that the Department of Finance had not costed changes in the corporation tax rate for them and so it is difficult to ascertain the exact increase that would be needed.

However, Paul Murphy of the AAA said members of his group would be seeking a doubling of the current 12.5% corporation tax on profits over €800,000.

"We think there should be an introduction of a new rate of tax for big business profits, for profits that come in over €800,000 and that should a doubling of the existing rate to 25%.

"That wouldn't affect small businesses but would only affect big businesses," he said.

AAA-PBP would also scrap the local property tax but would instead introduce a landlord tax.

This would be charged at €600 on a person's second property and €1,000 on subsequent properties.

They would introduce a millionaires tax on assets over €1m, abolish water charges and the USC as well as reverse many cuts to social welfare payments and allowances.