Sir David Varney's report into tax policy in the province, published last month, firmly rejected calls for reducing the levy.

The 137-page document warned that such a move would not bring economic benefits and could be counter-productive for the UK as a whole.

Sir David's findings were widely viewed as a major setback for industry chiefs who want to see the 30% tax rate in Northern Ireland harmonised with the Republic's 12.5% levy.

But today the Institute of Chartered Accountants in Ireland said it will continue to keep pressure on the Government, despite Varney's rejection.

And it is to stage a major event in Belfast next week to discuss future strategy on the corporation tax issue.

Although Sir David disappointed many with his tax policy report, he is currently producing a second document focusing on identifying further measures to promote private sector investment in Ulster.

The former HM Revenue and Customs chairman will, in particular, be considering "incentives for supporting the sustainable growth of businesses, investment and employment in Northern Ireland and the implications for reducing the historic dependency on the public sector".

ICAI said the event at the Europa Hotel on February 8 is aimed at generating "many forward-thinking ideas and perspectives to the furtherance of sustaining pressure on the Government".

And it wants to "influence official thinking" as Sir David formulates his second report.

Among the speakers in the Belfast hotel will be Sir George Quigley, the chairman of the Industrial Task Force, which has been spearheading the campaign for a cut in Ulster's corporation tax.

Brian Keegan, director of taxation at ICAI, said today: "The position of ICAI is that it fully supports the introduction of a reduced corporation tax rate in Northern Ireland to a level of 12.5%, being the same as the rate applicable in the Republic.

"We were disappointed by the outcome of the Varney Review published in December, not so much because it dismissed the idea but that in dismissing it Sir David either overlooked or misinterpreted some key elements."

He noted Sir David had dismissed arguments presented by leading Ulster politicians and businesspeople who responded to his call for evidence when compiling his report.

"The review fails to explore the possible beneficial effects of other forms of tax incentive to help redress the economic imbalance within Northern Ireland which all commentators, including Sir David, have identified.

" Overall, while the review cogently identifies the challenges, it offers little in terms of solutions. A more proactive approach is required, which is implicitly recognised from the commissioning by government of a further report from Sir David."

ICAI further revealed it is preparing to present evidence to the Northern Ireland Select Committee at Westminster on the need for a reduced levy.