The Minister for Finance, Mr Cowen, has indicated he will target certain tax loopholes and artificial tax-planning schemes in his upcoming budget.
Addressing the Leinster Society of Chartered Accountants, Mr Cowen said that strong corporate governance "must be at the heart" of a successful economy and strong business ethics are essential in making Ireland an attractive location to do business.
"Like my predecessor I will act firmly to close tax loopholes and artificial tax planning schemes in order to protect the revenue base and our reputation," Mr Cowen said.
He called the accountancy profession to adopt a "responsible approach" in relation to tax reliefs that in turn will pay dividends to the country, the professions as well as to the Exchequer
He added that protecting competitiveness would be his priority in the budget.
One way to achive this objective, Mr Cowen said, was to "avoid adding inflationary pressures which give rise to wage demands and set in train a vicious circle for the economy".