The group that represents Irish business today launched its full Budget 2019 submission in which it called on Government to introduce measures which promote competitiveness with a focus on support for the indigenous business sector and higher education.

Ibec director of policy and public affairs Fergal O’Brien, stated that Ireland is in a new phase of economic development.

Rising prosperity offers greater choices but given our recent history it brings with it greater responsibility too.

The Irish business representative group has asked for a pre-approved accelerated capital allowance for firms investing to prepare for Brexit.

Mr O’Brien said Ireland must recognise the significance of the recent US business tax reforms for the foreign direct investment sector. The most effective response will be to underline the certainty of the business tax regime and intensify the emphasis on competitiveness, he said.

Ibec’s submission calls for a range of policy measures including:

  • A new 12.5% capital gains tax rate for entrepreneurs with no limit on lifetime gains.
  • Follow Sweden’s lead in ambitious treatment of share-based remuneration in new firms.
  • A pre-approved accelerated capital allowance for firms investing to prepare for Brexit.
  • Incentivise the next wave of FDI through accelerated supports for robotics.
  • Ensure that workers on the average wage are kept out of the top rate of tax.
  • Supports for de-carbonisation through renewable heat technology, capital allowances for natural gas in our transport fleet, and energy retrofit of existing building stock.
  • A new site value tax to replace the existing commercial rates and the vacant sites levy and a permanent reduction in VAT for large-scale build-to-rent developments.

    • Read the full submission from Ibec here.