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ISME to Govt: Shift from austerity

Tuesday, July 29 12:49:10

This October's Budget must reflect the importance of the SME sector to Ireland's recovery and should mark a shift from austerity in to growth mode for firms who survived the recession and are now ready to grow.

That's according to ISME's pre-Budget submission to Government today, in which it called for recognition that the SME sector is a significant contributor to recovery.

Speaking at the launch ISME Chief Executive Mark Fielding said, "This budget must focus on the transition from austerity to growth for businesses who have survived the recession and are now ready to capitalise on the recovery. The 2015 Budget must get the balance right between generating savings, primarily through cost savings and productivity gains rather than imposing additional taxes, which will hinder economic performance".

"To do this we must contain and reduce the cost of running the country, which will allow us to curtail tax rises, incentivise business and thereby unleash the potential of the SME sector. It is vital, therefore, that this year's Budget dispels the uncertainty and provides a clear outline and direction on how the Government intends to deal with the public finances, business costs, lack of bank credit and unemployment".

"It is also important that we reaffirm that Ireland has a stable and transparent corporation taxation regime. It is therefore imperative that the Minister for Finance reaffirms the status of the 12.5pc corporation tax rate for companies trading in Ireland."

"The ISME pre-budget submission focuses on encouraging, incentivising and rewarding enterprise and work, which will stimulate economic growth and job creation. Wealth generating enterprise is the catalyst for the virtuous cycle of increased tax revenues, reduced welfare costs and economic growth."

For more visit: www.businessworld.ie