At the National Economic Dialogue in Dublin Castle , the Small Firms Association (SFA) called on Government to shift its focus from multinationals to small, indigenous businesses in Budget 2019.
Linda Barry, SFA Assistant Director, stated: “On one hand, we need to make sure that our economy is more resilient to external shocks. On the other hand, we have a situation where, even with a strongly growing economy, less than half of SFA members tell us that their businesses are growing.
“It is clear to those of us working with small businesses that there is a single solution that would mitigate both these macro and micro challenges. We need a national Small Business Strategy, placing a clear focus on the 98% of businesses employing half the private sector workforce, which are the lifeblood of towns and villages around the country. It is time for a plan to boost the number and performance of small businesses. It would give these businesses a better chance of succeeding and provide Ireland with a more resilient indigenous enterprise base.”
The priority measures proposed for Budget 2019 under such a strategy are:
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All Budgetary measures should be assessed for their impact on small firms. No measures that impose additional costs on small companies should be introduced.
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The self-employed Earned Income Tax Credit must be brought to the same level as the PAYE tax credit.
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Capital gains tax rates need to be reviewed – the 33% rate and the restrictive limit on Entrepreneur Relief is a poor reward for years and often decades of hard work to build a business.
The SFA is the trusted partner of over 8,500 small businesses (less than 50 employees) in Ireland. Its vision is of Ireland as the most vibrant small business community in the world – supporting entrepreneurship, valuing small business and rewarding risk takers.
Article Published: 27/06/2018