Chartered Accountants Ireland has reacted to today’s publication of the Critical Infrastructure Bill which aims to fast-track the approval processes for critical infrastructure projects in Ireland. Commenting on the Bill, Cróna Clohisey, Director of Members and Advocacy at Chartered Accountants Ireland said “As a professional body representing 40,000 businesspeople across the economy, we see this Bill as a significant step in the Government’s approach to addressing Ireland’s infrastructure challenges. “Engagement with our members has demonstrated that infrastructure deficits need to be addressed as a matter of urgency if Ireland is to achieve its growth ambitions, meet its energy, transport and water requirements, and its sustainability goals. It is encouraging, therefore, to see the Bill’s focus on coordination and collaboration between public bodies to facilitate the rapid approval of projects and programmes.” Grant Sweetnam, Head of Public Policy at Chartered Accountants Ireland, said: “For a small, open economy like Ireland, infrastructure is key to competitiveness. It is vital for maintaining the standard of living for our citizens, for attracting foreign direct investment, for supporting our SMEs and for ensuring Ireland remains one of the best locations to do business.” “Our infrastructure continues to be one of our most critical competitiveness deficits. It is essential that barriers are removed to facilitate investment in our infrastructure to safeguard Ireland’s social and economic interests.  We look forward to engaging constructively with Government and stakeholders on this issue.”

Cróna Clohisey, Director of Members and Advocacy at Chartered Accountants Ireland, said: “The Forum is an opportunity to advance the recommendations of the Funds 2030 report and to simplify and enhance the tax framework for retail investment, now expected as part of Budget 2026. Together with the anticipated focus on Savings and Investment Union as part of Ireland’s EU Presidency this year, this emphasis on activating hard-earned savings is timely and hugely welcome.  “The Minister’s announcement that the proposed Investment Accounts are being developed with a simplified approach to tax is a positive development. A model based on a low, easily administered annual charge has the potential to reduce complexity and improve accessibility for retail investors.” Grant Sweetnam, Head of Public Policy at Chartered Accountants Ireland, said: “We welcome the strong emphasis placed on financial literacy by the Minister at today’s Forum. Improving understanding and confidence among individuals will be critical to increasing participation in capital markets over the long term. However, it is essential that these reforms are delivered as part of a coherent overall strategy to address fundamental barriers to investment. Addressing wider barriers, including the deemed disposal rule and inconsistencies in tax treatment across products, will be critical to ensuring the full benefits are realised.  “We look forward to engaging constructively with Government and stakeholders at the Savings and Investment Forum and throughout the implementation process to help ensure the roadmap delivers a simple, effective and competitive investment framework for Ireland.”

Proposals for a common rulebook to simplify business administration across the Single Market and boost EU competitiveness were presented by European Commissioner Michael McGrath, to the European College of Commissioners today. Chartered Accountants Ireland, the largest professional body on the island of Ireland notes the significant opportunity the proposals represent for Irish businesses, by removing market fragmentation, allowing businesses to operate across the Single Market under one coherent – and more predictable- set of rules and facilitating much-needed investment in Irish businesses.  The EU Inc. proposal is a new EU-wide legal framework designed to make it easier to set up, scale up and invest across the Single Market. It will provide an alternative to the complex and differing regulations faced by businesses that want to expand across different Member States. Under EU Inc., each company will be automatically recognised in all Member States, a key step in removing internal barriers and maximising free movement within the EU.  Cróna Clohisey, Director of Members and Advocacy at Chartered Accountants Ireland, said: “‘EU Inc.’ represents a significant opportunity for Irish businesses, vastly reducing the amount of EU-level compliance required. We therefore strongly support the once-only, digital-first approach in simplifying administration and cutting red tape, which will help reduce costs and ease the burden of regulatory compliance. With a market of 450 million people, the European Single Market is the world’s largest trading bloc and for Irish companies wishing to expand into other Member States, this regulation is an essential first step towards reducing burdensome administration costs and enabling easier access to the European market.    “We are pleased to see that our recommendation to remove tax and labour law from the proposal was taken on board as inclusion of them would have complicated and delayed this vital legislation. We will continue to raise issues to enhance competitiveness and reduce red tape, and, in that context, we have consistently called for the harmonisation of statutory audit requirements, as inconsistency across EU Member States in this respect would present a barrier to fulfilling the promise of the EU Inc proposal.   The Institute welcomed Commissioner McGrath’s intention to adopt these proposals as a regulation, which will ensure consistency across the EU and ensure the proposals work in harmony with Member States’ national company laws. Concluding Ms Clohisey said “The Commission has set an objective to finalise these proposals by the end of the year. We encourage the Government to be proactive during Ireland’s Presidency of the European Council to advance EU Inc. and ensure that SMEs across Europe can realise their potential.” The Institute notes that there is no public consultation planned and the proposals will move directly to discussions by the European Parliament and the Council with the objective to reach agreement on adoption by the end of the year. It is expected that EU Inc. will be operational by 2027. ENDS