Reacting to today’s Budget speeches, Chartered Accountants Ireland has noted that while generous steps have been outlined to support individual taxpayers, the package of supports for business falls short of what is needed to materially reduce the cost burdens facing Ireland’s SMEs. Chartered Accountants Ireland, the largest professional body on the island of Ireland, representing over 38,400 members highlighted the persistent pressure that businesses, in particular SMEs are experiencing, despite supports already committed to by government during 2024. Commenting, Director of Public Affairs, Cróna Clohisey said “While today’s budget announcement featured several positive changes to the business tax landscape including an expansion of the R&D tax credit and extensions to certain investor reliefs, measures of this nature, although welcome, will arguably do little to mitigate the everyday overheads facing many small businesses. “With the higher rate of employers’ PRSI rising to 11.15% with effect from today, alongside a further uptick in labour costs brought about by the rise in the minimum wage and the introduction of pensions auto-enrolment next year, many small businesses may feel that Budget 2025 did little to reduce their overall labour costs which is a real missed opportunity.” The Institute welcomed the Government’s commitment to invest €3 billion to support the development and expansion of water, electricity, and housing infrastructure. Clohisey continued “Now is the time to accelerate investment in the State’s infrastructure if we are to remain attractive as an FDI destination, and competitive in the global race for inward investment. It is vital however that the Government takes meaningful steps to ensure that infrastructural projects of this scale are delivered on time, on budget, and achieve the value for money that taxpayers expect. “On childcare, today’s announcement of an additional €1.37 billion in funding for the sector is a positive development in what is a key tenet of the State’s essential economic infrastructure. Today’s announcement will hopefully go some way towards improving capacity in the sector making it easier for working parents to secure a childcare place for their child”. ENDS

Chartered Accountants Ireland welcomed the publication this week by Euronext Dublin of the Irish Corporate Governance Code. An important step in the development of corporate governance in Ireland, the new Code applies to financial years commencing on or after 1 January 2025 for Irish incorporated companies with an equity listing on Euronext Dublin (Irish Stock Exchange). Companies dual-listed in Ireland and the UK have the option to follow the Irish Code or the UK Corporate Governance Code. Commenting on the launch, Head of Ethics & Governance, Níall Fitzgerald, thanked the expert members and committees who contributed to the Institute’s consultation on the development of the Code. “Closely aligned with the principles and provisions of the ‘best-in-class’ UK Code, the Irish Corporate Governance Code is tailored for the Irish market, for example with its greater EU focus.”

We caught up recently with Marie-Claire McDonnell who has recently returned to Ireland having spent 12 years living and working in Toronto to find out more about the ups and downs of returning home.  1. After 12 years living in Toronto, was there a pivotal moment when you were sure it was time to make the move back to Ireland? We were very happy and settled living in the suburbs of Toronto. My husband (also an Irish accountant) was approached regarding a relocation with his work to their Dublin office. It was a fantastic opportunity for him and a relocation package to your home country is not something that comes up very often. Our three children are still young and we felt it was the right time to move if we were ever going to do it.  2. What was your biggest concern (if any), about moving back and how did you overcome it/them?  I guess the biggest concern is the fear of whether you are making the right decision for everyone in your family. Going from being completely set up in your life after 12 years to starting from complete scratch gets very overwhelming, especially where children are involved. It's important to focus on the reasons for making the move in the first place, the positives of living in Ireland versus abroad.  3. What advice would you give to a member who is at a similar stage?  Preparation is key. Making a list of all the big ticket items that need to be done and working through it with a long lead up time. We had a good six months to prepare before leaving Canada. It is also really beneficial to speak to people who have made a similar move and understand the pain points and the processes involved for various items. I was lucky to have some friends who made the move back before us who I leaned on for advice. Finally, what really helped us moving with small children was that I could take unpaid leave for a few months after we arrived to help get everyone settled. It really helped our family with the transition.  4. What do you think you will miss most about Toronto?  We miss our friends a lot – that is the hardest part. We are lucky that Toronto is very accessible from Dublin so we will be back again soon for a visit.  5. What do you appreciate most about being back in Ireland?   We love being closer to family. When you live abroad you spend most of your holidays coming back to Ireland to visit family and friends. There are lots of options in Ireland for mini breaks and also Europe is on our doorstep so we look forward to many years of fun holidays exploring. 6. What is next for you? I was also very lucky to transfer my role with my employer to their Dublin office. I took the summer off so am now settling back into work and real Irish life!! Our final step is to buy a house which we hope to do in the next year.  Marie-Claire McDonnell on LinkedIn