Tax equalisation will benefit self-employed people and create jobs in Waterford- Minister Coffey

Fine Gael Waterford Minister Paudie Coffey has said that new tax equalisation measures will benefit self- employed people in Waterford, helping to create even more jobs.

“There are 323,000 self-employed people in this country, 39,000 of them in the South East region. The new €550 Earned Income Tax Credit will benefit many of these people when it becomes available in January. It will be available to taxpayers earning self-employed trading or professional income, and to business owner/managers who are not eligible for a PAYE credit on their salary.

“Fine Gael has a plan to continue supporting SMEs to grow and create jobs. We know that small and family businesses are the lifeblood of our economy and have played a crucial role in the recovery that is now well underway.

“The introduction of this self-employed tax credit marks a welcome start along the road to the equalisation of income tax credits between self-employed people and PAYE workers. This addresses what was an unfair treatment of self-employed people in this country. It will really benefit small retailers, publicans, farmers and tradesmen in Waterford and the wider region. If re-elected, Fine Gael has a plan to fully equalise tax credits between PAYE workers and the self-employed by 2018.

“Other recent measures to benefit small businesses owners in Waterford include: reductions in capital gains tax relief for entrepreneurs; reduction in costs for retailers to accept card payments, saving retailers €36 million in fees per year; and the maintenance of the 9% VAT rate for the hospitality sector.

“In addition, employers and employees will benefit from a reduction in the general tax burden. In January, low and middle income earners will see a reduction in their USC for the second consecutive year. We have committed to abolishing the USC over the lifetime of the next Government if re-elected.

“Over 135,000 jobs have been created nationally since the launch of the Government’s Action Plan for Jobs in 2012. The South East Regional Action Plan for Jobs sets out a specific path for to increase employment by 10-15% and deliver 25,000 new jobs in the region by 2020.

“Fine Gael has a plan to keep this recovery going and to create even more employment. By contrast Fianna Fáil has yet to even come up with a jobs plan at all. Small and family businesses will play a significant role in this jobs success and it is important we continue to support them. More jobs mean increased tax revenue with which we can invest in improved public services.”