“Budget must take account of tax measures to support home-grown business talent” say accountancy bodies

Jul 31, 2018

In its annual pre-Budget submission to Minister Donohoe this week, the body representing all the major accountancy bodies in Ireland (CCAB-I) has today called for Budget 2019 to include specific tax measures to support indigenous business to grow.

The submission sets out tax proposals aimed at supporting the local business community and it puts a spotlight on existing tax legislation that it says is in need of repair. It also calls for a re-thinking of Revenue’s electronic facilities to assist this group of taxpayers.

 A summary of the key measures for Budget 2019 from the CCAB-I are as follows:

  • Investment in electronic facilities to assist taxpayers fulfil their obligations is urgently required for Professional Services Withholding Tax and CAT compliance purposes 
  • The additional layer of corporation tax applied to service companies is a barrier to entrepreneurship and should be abolished.
  • Growth targets recommended for the SME sector could be supported through accelerated R&D tax credit refund

 The CCAB-I’s pre-Budget submission is available to view on our website.

ENDS
Reference: Norah Collender, Tax Technical Manager, Chartered Accountants Ireland T: 637 7206

Bryan Rankin, Marketing Manager, Chartered Accountants Ireland,

Note to editors:
The Consultative Committee of Accountancy Bodies – Ireland is an umbrella group of the accountancy profession in Ireland.

It was established in 1988 to coordinate the representation functions of the participant professional bodies in areas of common interest to the profession. It has a number of committees which respond to Government and regulatory initiatives in their respective areas.