Corporation taxes are not "punitive" and should rise to 17 per cent as part of a wider programme of tax reform, according to a major review by Sinn Féin of its economic policies.
The existing 12.5 per cent rate in the Republic should rise to 17.5 per cent, while Northern Ireland's rates should be lowered to the same level to allow for the development of an all-island economy.
"Sinn Féin challenges the view that the 26-county State would not be competitive and the economic boom would not have occurred but for the low level of corporation tax, now less than half the EU average," said the party's discussion document.
Multinationals are "siphoning" €25 billion out of the Republic's economy "which could have been used to tackle the State's infrastructure deficit, to invest in education, and training or to subsidise research and development", the party said.
Low corporation tax imposes "hidden costs" on the economy because it erodes the "ability of the State to pay for public services, imposing a disproportionate tax burden on the poor thus aggravating poverty, and undermining R&D [ research and development] essential to the economy's future.
"For these reasons, cutting corporation tax is not the best way to create a favourable enterprise environment.
"Sinn Féin will not reduce corporation tax or even allow it to remain as minimal as at present.
"We will raise it, but in tandem with other measures that create a supportive enterprise document," the document states.
Urging that the economy should work for society, and not the other way around, the discussion document said poverty and inequality still persist North and South.
The document, prepared by a team led by the party's national chairman, Mitchel McLaughlin, will be debated this weekend at a party conference.
The final draft will be put before Sinn Féin's Ardfheis next month, which will also debate the party's revised health policies.
Accepting that the document alters long-held Sinn Féin beliefs, the party chairman said it "accepts the day-to-day realities" of the economy.
While acknowledging the influence of multinationals in the Republic, Sinn Féin said €5 billion had been spent on them since 1973 at the expense of native industry, which should now be prioritised.
Accepting Sinn Féin's decision to accept the euro, which it long opposed as part of an EU federation, the document said the currency should be used on both sides of the Border so that the island could have "one tax regime and one currency".
"Despite our concerns regarding euro zone rules, we believe that currency harmonisation is a necessary step in paving the way for reunification," the document stated.
Reversing the party's past attitudes to the business community, the document said: "We want to work together with visionary Irish entrepreneurs, researchers, farmers, trades unions and others to build a new republican ethos for Irish business - business that can be socially responsible, have a sense of social solidarity and that sees social investment as a benefit," said the document.
Condemning the lack of training and education offered to workers in the Republic, Sinn Féin said the Republic did not even feature in the top 10 in Europe for training.
The Government knew for "10 to 15 years" that the textile industry was going to quit Ireland but no preparations were put in place to prepare workers in Donegal for the change, said Cllr Pádraig MacLochlainn, one of those who has worked on the new economic policy document.
Pointing favourably towards the Nordic example, the party said these countries had shown that a country can be competitive internationally and yet have high-quality public services, paid for by high tax rates.
Sinn Féin economic policies: main points
Corporation tax should rise by 5 per cent
Euro should become the currency for Northern Ireland
Extra borrowing should be spent on infrastructure
All-Ireland rail network should be created, including direct Dublin/Derry link, Western Rail corridor
Accelerated road construction from Dublin to Derry and Belfast
PPPs should not be used to fund motorways
Aer Lingus, Bus Éireann and Iarnród Éireann are all profitable, and should not be privatised.
Tax incentives for firms carrying out R&D
Extra funds should be made available for business start-ups.
End to self-regulation by professions
Colleges should build local relationships with businesses
Extra investment for community-run social projects.
