Reduced Income Taxes a Boost for Consumer Confidence

More Direct Action Required To Support SME And Jobs Growth

Chambers Ireland has today (14/10/2014) welcomed the Government’s decision to commence income tax reductions but an opportunity to do more to help SMEs create jobs has been missed.

Speaking this afternoon, Ian Talbot, Chief Executive, Chambers Ireland said “The Government’s commitment to reducing personal taxes will improve consumer confidence which will in turn contribute to economic growth. However, there was little else in this budget to encourage most job creating entrepreneurs. Last week’s National Policy on Entrepreneurship gave a strong signal that Government understands the need to improve the cultural perception of entrepreneurs as job creators, not as easy sources of excessive taxation. The reality is that SMEs and entrepreneurs create employment and we must do more to support them if we want to continue to reduce our unemployment numbers. We anticipated more measures than were delivered in this budget to support that goal. Capital taxes remain too high and a more balanced and urgent focus on the job creating engine of SMEs is required.”

“Efforts to ignite the construction sector are welcome. Chambers have consistently called for the abolition of the 80% windfall tax and this change, combined with the expansion of the RMI scheme and the capital expenditure measures announced by Minister Howlin, will be positive.”

“The Government was correct to resist ludicrous calls by Unions to increase VAT on hospitality for nebulous reasons which would have threatened growth in that sector.”

“While there is no doubt this budget has some positive measures it is a missed opportunity to support Irish entrepreneurs and we will be continuing to press for further supports for SMEs as the Finance Bill progresses,” he concluded.

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For further information please contact Amy Woods, Chambers Ireland on 014004319, 086 6081605 or email amy.woods@www.chambers.ie