With a membership of 260 companies in the wider Shannon area, Shannon Chamber is hoping that the Government’s fourth budget, which will be published on Tuesday, 14 October, will contain measures to support employment and job creation.
The full effects of the budget on business will be analysed by Grant Thornton’s tax partner Leslie Barrett and tax director Eamonn Murphy at the Chamber’s annual post-budget breakfast briefing which takes place in Bunratty Castle Hotel on Wednesday, 15 October, commencing at 7.45am.
With the economy performing strongly, both presenters expect to see some innovative tax measures to help sustain the recovery, together with a reduction in the income tax burden for the majority of taxpayers. A significant statement on our international tax strategy is also expected.
Shannon Chamber’s chief executive Helen Downes is eager to see if the rate of employers’ PRSI for Class A employees earning less than €356 per week will be reduced.
“There was a temporary reduction to 4.25% from the current rate of 8. 5% from January 2011 to December 2013. The reduced rate needs to be restored as the additional costs can prove a significant deterrent to businesses who may wish to take on new employees. It has a disproportionate effect on the retail and services sectors, which are the sectors where employment is needed in small towns and rural areas. We believe this rate should again be reduced to the 4.25% level.
“We would also to see some revisions to the Employment Incentive Scheme (EII), introduced to channel funds from high net-worth investors towards enterprises, and the Seed Capital Scheme (SCS), which is available to former employees who start a business. While introduced to support entrepreneurship, the take-up rate on both schemes has been very low. Both should be revised to make them more easily accessible and user friendly.
“In line with Chambers Ireland pre-budget submission, the same can be said of the Credit Guarantee Scheme and we look forward to a promised enhancement to this programme. With a capital gains tax rate (CGT) of 33%, we believe that the risk taken by entrepreneurs is not being adequately rewarded. CGT should be reduced to 20% to incentivise entrepreneurs to take risks and create jobs,” added Ms Downes.
All elements of Budget 2015 that impact on business will be examined at Shannon Chamber’s pre-budget breakfast briefing. This is always a very well attended event so early booking is essential.
For further details or to make a booking, contact Shannon Chamber at 061 708341 or email: email@example.com
Release issued by Dympna O’Callaghan, molly d marketing
Shannon Chamber – PR
T: 061 369 898
Mbl: 086 237 1508