A group of entrepreneurs says a dramatic cut in income tax should be part of Ireland's long term strategy to attract business.

It has drawn up a report with 69 recommendations on how to increase the number of staff hired by other entrepreneurs around the country, including a flat tax on all income of 15 to 20%.

The group, which is chaired by businessman and former Dragon's Den star Sean O'Sullivan, also recommends tax breaks for company-to-company lending and capping the universal social charge for the self employed at €100,000, as it is for employees.

Columnist with the Irish Independent Richard Curran told Newstalk's Pat Kenny Show the group wants to broaden the scope of foreign direct investment opportunities, instead of focusing on multinationals: