26 Jun 2022

Kildare South Chamber welcomes tax break for self employed

Budget reaction

Kildare South Chamber welcomes tax break for self employed

Dep Martin Heydon and Sean Dunne of Kildare South Chamber at yesterday's budget breakfast

Kildare South Chamber has welcomed budget tax cuts for the self employed and the increase in funding for the local enterprise offices.

Following its Budget Breakfast with Grant Thornton yesterday, the Chamber acknowledged the pro-business measures included in the budget and said there was “something for everyone”.  

It said some of the changes, such as the €400 increase to the Earned Income Tax Credit for the self-employed, will help Irish businesses as they enter a potentially challenging trading environment.

“The Chamber is delighted to see that the Local Enterprise Offices’ will see their capital funding grow by 22% to €22.5m, recognising their potential to generate start-ups and job creation at local level and will significantly boost business start-ups and micro enterprises in Kildare,” said a spokesperson.

The Chamber pointed out the government has accepted the recommendation of the Low Pay Commission to increase the National Minimum Wage to €9.25 and it welcomed the increase in the new 2.5% USC band to €18,772 to ensure minimum wage workers are kept within this new lower band.

“The reduction in the rate of Capital Gains Tax applied to Entrepreneur Relief  from 20% to 10% will be welcome and of particular relevance to high potential SMEs,” said a spokesperson.

“Investment in childcare through direct subsidies to providers will have a positive impact on female labour market participation and job activation and is a welcome support for working parents.

“However, the reality is that the major concerns for the business community go beyond Budget 2017. The big threats to Ireland’s economic development will need strategic level interventions on issues such as maintaining our relative competitiveness with the UK, rapidly expanding our investment in infrastructure and ensuring our export driven economy and exchequer receipts can be sustained in the face of diminishing international demand.”

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