The Small Firm’s Association Budget 2020 submission calls on Government to nurture entrepreneurship and give small businesses the opportunity to enhance their productivity and increase resilience.
The SFA’s submission forces on six key priorities for small business in the areas of business costs, capital gains tax, income tax and training.
Small business priorities for Budget 2020:
- Protect competitiveness by ensuring that Budget 2020 provides certainty for small business
- Reduce the headline rate of CGT to 20% for all
- Increase the lifetime limit for CGT Entrepreneur Relief to €15 million
- Remove the €3 million cap on the value of business assets allowable for Retirement Relief for those aged 66 plus
- Increase the Earned Income Tax Credit to €1,650 to equal the PAYE tax credit
- Use funding from increases in the National Training Fund levy for the Skillnet Programme.
Speaking at the launch Sven Spollen-Behrens, SFA Director, said: "Budget 2020 must place a clear focus on Ireland’s small business owners by providing certainty on costs and maintaining competitiveness. By doing so the Government would reduce the risk on our economy from an over reliance on foreign direct investment and Brexit, while seizing an important opportunity to future proof our economic model."
With Brexit posing one of the biggest challenges faced by small businesses in years. The SFA Budget 2020 submission outlines the need for a national Small Business Strategy to set out a common vision for small businesses in Ireland. As supporting small businesses would mitigate some of Ireland’s current vulnerabilities and create a true entrepreneurial culture with benefits for entrepreneurs, employees and communities.
The SFA would like to take this opportunity to thank those members who helped shape the Budget 2020 submission.
We encourage you all to access a pdf copy of the Budget 2020 submission.