The National Competitiveness Council has recommended replacing commercial rates and the vacant sites tax with a new Site Valuation Tax that would also apply to unused development land.
It is one of a series of recommendations in the Council's latest assessment of competitiveness challenges facing the country.
The proposed Site Valuation tax would apply to all commercial property, and to land that has been zoned and serviced for development, but which has not been built on.
Such a tax would replace the current commercial rates regime, and the vacant sites tax.
The National Competitiveness Council also recommends establishing a new pension reserve fund or sovereign wealth fund.
It also calls for an investigation into why Irish SMEs constantly face higher interest charges on bank loans than similar firms elsewhere in Europe.
It said the rate of personal income tax is an issue for attracting skilled talent to Ireland, and for containing labour costs, and recommends reducing the top marginal rate below 50%.
The Council also wants to see more done to tackle the shortage of skills among Irish workers, and the long running problem of significant numbers of under-educated, unskilled school leavers.
This problem is reflected in Ireland's high level of youth unemployment.
