Ibec, the group that represents Irish business, has reacted positively to today’s budget, stating that it will help support further job creation and business investment. It noted that while the scale of resources for new measures was limited this year, important policy shifts on personal tax and infrastructure will underpin business confidence.
Ibec CEO Danny McCoy stated: “This is largely a positive budget for business, employment and the wider economy. The income tax package is a welcome change of direction towards reducing the burden on average income earners and it will help businesses to attract and retain talent. Ensuring that those on an average income will not be taxed at the marginal rate in future sends out a positive message that work will be rewarded. Coupled with some improvements to share benefits schemes, this represents a sensible reform of the income tax system.
“The low level of infrastructure investment continues to be one of the key challenges facing the Irish economy and is a legacy of our past economic difficulties. The increased resources announced today for capital spending are an important step in the right direction. The business community is confident that following the publication of the new 10 year capital spending plan later this year, Ireland will be on the way to making real progress in delivering an ambitious investment programme which will improve the quality of life for all.
Mr McCoy concluded: “While we welcome the new loan scheme targeted at Brexit impacted firms, more could have been done to Brexit proof the budget. Further resources will be needed over the coming years to support innovation and equipment investment in those companies most affected by Brexit risks. The National Training Fund levy increase could damage the competitiveness of Irish business if the resources are not ring-fenced for targeted in-work training programmes to help companies upskill their workforce.”
- Ibec Budget 2018 Analysis.pdf - 991 Kbytes