The cut was made to stimulate a recovery after a 25% collapse in inbound tourist between 2007 and 2010.
AIPCO chair Nicola McGrane said: "These measures will help support us in our efforts to bring more and more high spending business tourists to Ireland, and build jobs in the process. Visitors who attend a business event or conference typically spend double what a leisure tourist would during their visit.
"We are out flying the flag for Ireland and bringing meetings and events to this country, and every ounce of additional competitiveness we can generate as a nation helps us win more of that valuable business."
She added that the government’s proposed liberalisation of visa rules for those who already hold a visa to enter the UK would attract emerging markets from Asia and the Far East.