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TAX NEWS - June 2010

Irish Tax: Irish Taxation Institute (ITI) launches plan to support start-ups

A new plan proposed by the Irish Taxation Institute would support entrepreneurs and make starting a business a simpler, the institute said.

The five-point plan was submitted to Minister for Enterprise, Trade and Innovation Batt O'Keeffe today.

The Irish Taxation Institute said research shows that 77% of indigenous irish companies believe the complex and daunting nature of tax affairs is the biggest tax concern for start-up businesses.

AdvertisementThe plan proposed by the Irish Taxation Institute (ITI) includes a simplified 'Starter Tax Pack' for all new small businesses in Ireland, tax relief for loans to SME businesses, a change in the capital gains tax rate to encourage equity investment in SMEs, new rules for the Business Expansion Scheme that would go beyond manufacturing companies, and new measures that will help SMEs hire and retain key workers.

Irish Taxation Institute (ITI) says it hopes that if these measures are implemented, the fear of starting a business will be removed and more people will be encouraged to become entrepreneurs.

It said this plan could drive economic recovery and job creation.
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