Small and medium enterprises (SMEs) are the backbone of Ireland’s economy; 99.8% of all enterprises are SMEs, employing more than 68% of people in the business economy. Many are family-owned and play a vital role in their local communities, through creating employment, paying taxes and rates, and social participation. However, because of their size, SMEs often lack the ability to remain resilient against external economic shocks.
A position paper in the Institute’s Next Financial Year series, Supporting SMEs presents proposals to Government under four headings: resilience and growth, government supports and funding, sources of business finance, and tax measures to reduce the cost of business.
Record corporation tax receipts will not always be with us. What is within our ability to control is the opportunity to grow indigenous businesses. This will require policies that understand and reflect their needs, and which support them in facing the future with confidence.
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