The Government hopes to implement many of the proposals from an expert group set up to promote entrepreneurship, Enterprise Minister Richard Bruton has said.
But he claimed the idea of a flat tax on all income of up to 20pc to woo business was radical and would not be on the agenda for the Government.
The report by the expert group on entrepreneurship, details of which were published by the Irish Independent, recommended a flat tax on all income of 15pc to 20pc in a long-term strategy to attract corporations, immigrant business people, and keep wealthy Irish in the country.
Mr Bruton said entrepreneurship in Ireland needed to be strengthened. "This is an exciting report," he said.
"Two-thirds of all new jobs in this country come from companies in the first five years of their existence.
"They (expert group) have come up with many interesting proposals, which we hope to implement."
Despite pouring cold water on the income tax idea, Mr Bruton said it was important to have a debate on such issues.
Mr Bruton backed a number of the proposals from the report on the Entrepreneurship forum, including having a network register of entrepreneurs to support new companies, focusing on entrepreneurship in education and looking at new ways to raise capital within the business community.
Chaired by entrepreneur and venture capitalist Sean O'Sullivan, the forum makes 69 recommendations about improving the number of jobs created by entrepreneurs in the country.
These include capping the Universal Social Charge at €100,000 for self employed just as it is for employees, letting women share maternity leave with partners, tax breaks for company-to-company lending and making Ireland the European trade hub for China.
The forum was set up by Mr Bruton, who will bring the report to Cabinet in the coming weeks.