Irish tax reform needed to support SMEs as Brexit draws closer

Sep 17, 2018

Chartered Accountants Ireland under the auspices of the CCAB-I has written to the Minister for Finance calling for the urgent reform of a number of tax laws to support the SME sector as the UK’s exit from the EU draws closer. 

The letter reiterates that the limited resources of SMEs will be better spent responding to the commercial landscape post-Brexit rather than deal with transfer pricing obligations. Restrictions to the EII scheme and entrepreneur relief are in urgent need of reform and a postponed method of accounting for VAT is crucial for business importing goods from the UK as the upfront VAT cost in the absence of such a procedure is potentially cripplingly for SMEs.