THE ultimate budget litmus test for entrepreneurs and businesses will be our ability to increase competitiveness and kick-start regional jobs creation, Limerick TD andย Fianna Fรกil Jobs and Enterprise Spokesperson, Niall Collins has said this Wednesday.
โPrioritising Irish job creators and the self-employed were key policy issues that Fianna Fรกil secured in the Confidence & Supply arrangement to facilitate the formation of a minority government. Providing social protection support for self-employed people has been party policy since Budget 2012.โ
โMy party engaged in a series of pre-budget discussions with the Government to secure progress on these Fianna Fรกilโs priorities. It is welcome that the earned income tax credit has been increased. Equalising fully the treatment of the self-employed and PAYE workers is a core policy and this process must be completed in the next budget,โ added Collins.
โHowever, competitiveness challenges loom large over our countryโs ability to create an attractive business environment.”
โIreland has continued to plunge on the Word Bankโs rankings for the ease of doing business across 189 economies, dropping four places to 17th in 2016. Scant regard has been paid to addressing major items as highlighted by the National Competitiveness Council in Budget 2017.โ
โReducing CGT for entrepreneurs to 10% was pushed strongly by Fianna Fรกil in discussions.โ
โWe remain disappointed that the UK will still have a more attractive system of relieves which applies a 10% rate to entrepreneurial gains of up to ยฃ10m, far in excess of the โฌ1m Irish limit,โ added Deputy Collins.
โWe echo the disappointment of the Irish Exporters Association that the budget did not go far enough to strengthen indigenous Irish companiesโ ability to compete internationally.โ
โMore needs to be done with Brexit on the horizon. Fianna Fรกil has called for a Minister with overall responsibility for BREXIT to be appointed and we will continue to make the case for such a Minister to be appointed.โ
โDespite Fine Gaelโs talk of spreading the recovery, the fact remains that 52% of the employment gains in 2015 were in the capital despite accounting for 31% of the total state employment, while 46% of all IDA site visits in first 6 months of 2016 were in the capital.”
โFor SMEs and entrepreneurs the ultimate budget litmus test will be realising regional jobs targets and cutting the cost to businesses and bridging competitiveness deficits.โ
โA two-tier Ireland is still being entrenched by Fine Gael, and todayโs budget announcement does little to instil confidence that they have changed their agenda,โ concluded Collins.