The Next Financial Year is the Institute’s annual position paper and
public policy blueprint, representing the views and concerns of our 30,000+
members in setting out smart and realistic proposals to make life easier for
businesses across the island of Ireland, with a particular focus on indigenous
SMEs.
Last year, many of the ideas and proposals that we submitted were adopted by
governments in both jurisdictions. In 2022, The Next Financial Year
reflects the needs of businesses in the challenging post-Covid world of cost
inflation, competition for talent, supply-chain disruption, and geopolitical
uncertainty.
The pandemic experience highlighted the resilience of the business community,
its ability to adapt and continue to trade. At the same time, government showed
how effective it can be when it intervenes swiftly and in the right way. The
Covid supports were easily accessible and had the immediate effect of calming
the waters of the economy.
An approach sensitive to the needs of business, as well as in the public
interest, is required, as we face further tough times. As the Covid supports
fall away, insolvencies are likely to increase. Government and its agencies
should continue to be assist where possible businesses with a reasonable
prospect of survival.
Those aspects of the economy that enabled rapid recovery post pandemic – the
emphasis on services, the promotion of high-tech industry and the benefits
internationally of operating within English-speaking, common-law jurisdictions –
will help businesses through the current crisis. In the 2022 edition of The
Next Financial Year we focus on the services sector, and particularly the
development of capacity within SMEs. We offer suggestions to improve operation
of the regulatory environment, not just to reduce the burden on business but
also to promote compliance. We promote a ‘whole of career’ approach to personal
taxation, from pragmatic solutions to foster remote working to adequate
provision for retirement.
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