Budget 2024 must allow small business owners to stay ahead in a rapidly evolving business environment

The Small Firms Association (SFA ) has called on Government to continue to back Ireland’s small businesses and entrepreneurs to stay ahead in a rapidly evolving business environment.

David Broderick, SFA Director, said the Irish economy has proven resilient, as it recovered from Covid and faced the challenges of inflation and rising energy prices. “Now as we enter a time of interest rates hikes, it is vital that the Government use Budget 2024 to focus on providing certainty on costs and maintaining competitiveness, to safeguard our domestically owned businesses.

“Ireland is becoming a place where it is more and more difficult to do business due to continuing rising costs, be it wage costs, administrative costs, or utilities. In Budget 2024 SFA is calling for measures to reduce the cost of doing business and regulatory burden falling on small business owners.

“To make Ireland a better country for entrepreneurs, SFA would like Capital Gains Tax to be reduced to 20% and the lifetime limit for CGT Entrepreneur Relief increased to €15 million and remove the 50% working time test to help incentivise investment in small firms and benefit from expertise and experience.

To reward and retain staff, SFA is also calling for the Small Benefit Exemption to be paid in four, tax free payments, each year and increase the combined value of the four benefits to €2,000.

“This Budget must deliver a supportive set of actions and measures tailored for our smallest employers to adapt to the digital and climate transitions. It must also introduce supports and initiatives to address challenges facing social groups that are under-represented or disadvantaged in entrepreneurship and employment and provide funding and advice to build and create inclusive workplaces.”

Mr Broderick concluded by saying that small firms and entrepreneurs are responding to the challenges and opportunities of Ireland’s economy; they want to invest and expand their business and achieve a green transition. To reward and incentivise their ambition, Budget 2024 must place a clear focus on Ireland’s small business community.”

 

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