The Irish Small & Medium Enterprises Association (ISME) have called on the Government to 'Think Small First' in Budget 2017, by putting the emphasis on Small and Medium enterprises, their owners and their employees.
In their pre-budget submission issued today, the Association called for a total end to tax "discrimination" against the self-employed and a reduction in red tape barriers around small business R & D, share options for employees and Capital Gains Tax on entrepreneurs.
The ISME claim current schemes are too complex and expensive for SMEs while there is a competitive disadvantage for entrepreneurs versus PLC's when hiring and rewarding key staff, when introducing R & D and when selling a business, all acting as a "further disincentive" to entrepreneurship.
According to the ISME, the tax code has been written with large multinationals in mind whether it's directly through tax allowances or through the in-built difficulties arising from sections which have been written to suit large business.
ISME Chief Executive, Mark Fielding says, "Ireland needs to grow its own entrepreneurs. We need to use our tax system more effectively to draw on the increasingly large pool of Irish-born managers, skilled professionals, and entrepreneurs working both at home and overseas."
He added, "When compared to other jurisdictions, the tax regime in Ireland is extremely uncompetitive. It is now very difficult to attract entrepreneurs to establish and grow a business in Ireland."
Source: www.businessworld.ie
