Dept of Finance review of entrepreneurs and self-employed to assess SME supports – Butler

“The Department of Finance are to undertake a review of the taxation of entrepreneurs and the self-employed. I believe that this review will come to many of the same conclusions found by the Fine Gael Standing Up for Small Business Campaign, that the self-employed want and deserve tax standardisation”, said Fine Gael TD for Meath West, Ray Butler.

“The Department of Finance are to review how our tax system can best support the entrepreneurs and self-employed people on whom our economy is so reliant. I very much welcome the review as this is an issue I have always been vocal on as a former self-employed person. I have also been working with my Fine Gael colleagues to consult with small businesses and find out how they feel Government could support them further.

“The purpose of the review is to assess what tax measures are and are not working effectively, as well as considering options for change to better incentivise entrepreneurship. Fine Gael’s Standing Up for Small Business survey found that 73% of respondents were strongly supportive of equalising the income tax credits available to self-employed and PAYE workers, while 80% were strongly in favour of reducing the general tax burden further.

“I believe that during the course of their review the Department of Finance will come to many of the same conclusions and that we will be in a position to move one step closer to providing further supports for the self-employed in the upcoming Budget in October.

“Over 760,000 people, around 70% of the workforce, are employed by SMEs in Ireland. The businesses they create are fundamental to a dynamic and competitive economy and the taxation they provide funds the running of the State.

“It is vital that we create an economy that supports SMEs and entrepreneurs. This Government is determined to replace all of the jobs lost under Fianna Fáil with sustainable, long term jobs. In order to achieve this we need strong Irish indigenous industry and a strong SME sector to create and sustain these jobs. This can be achieved through taking smart, practical taxation measures which support our job creators.

“As we continue on our path of sustainable economic recovery this review will, I believe, bring us closer to identifying how our tax system can better incentivise entrepreneurship.”