Impact of Minister Donohoe’s First Budget to be Analysed at Shannon Chamber Breakfast
In what is always an eagerly anticipated breakfast event, Shannon Chamber is once again joining forces with Grant Thornton to host a post-Budget 2018 briefing at the Radisson Blu Hotel and Spa, Ennis Rd, Limerick next Wednesday, 11 October from 8am until 9:30am.
Budget 2018 will be Paschal O’Donohoe TD’s first Budget as Minister for Finance, Public Expenditure and Reform, and is being looked forward to with anticipation given that both tax receipts and sterling exchange rates are showing some volatility and it is difficult therefore to predict the level of tax cuts that he will introduce.
Guest presenters Billy McMahon, Tax Director with Grant Thornton and Professor Sheila Killian, Assistant Dean, Research at the Kemmy Business School, are both well qualified to delve into the sea of figures that will assail our brains from early afternoon on Budget 2018 day.
They will examine how Budget 2018 will impact business and the wider economy, in both individual presentations and in a lively discussion between presenters and the audience.
Shannon Chamber’s CEO Helen Downes will also have a keen interest in hearing whether any of Chambers Ireland’ s(CI) key asks will have been listened to, particularly as one of its directors, Ian Barrett, represented the views of Mid-West Chambers in CI’s pre-budget submission process.
“Being part of Chambers Ireland Pre-Budget 2018 submission will have been a really meaningful and beneficial undertaking if the items included (outlined below) have been listened to and taken on board. We await Budget 2018’s contents with great anticipation.”
Bookings for the breakfast briefing, which commences with registration and breakfast at 7.30am on Wednesday, 11 October can be made be made at www.shannonchamber.ie/events/budget-breakfast-briefing-2018/
NOTES for Editors
Chambers Ireland submission was quite comprehensive and included:
Brexit Supports for Business
- An Export Working Capital Scheme or state-supported trade finance initiative for SME exporters.
- Adequate resources for state agencies, such as Enterprise Ireland, Local Enterprise Offices and InterTrade Ireland, so that they can assist businesses, particularly cross-border businesses, in planning for Brexit.
- Investment in our network of embassies, state agencies and overseas Irish Chambers which operate in regions of strategic interest to the Irish economy.
Investment in Broadband
- The NBP should be revaluated and rolled out as soon as possible.
- Upload and download speeds must be sufficient to meet future demands.
- Infrastructure rolled out as part of the NBP must be adequately future-proofed.
Investment in Infrastructure
- Increase the levels of capital expenditure on infrastructure from 2% of GDP as it currently stands, to 4% GDP or higher..
- Explore alternative funding mechanisms with the EIB, ESIF and other funding bodies
- Engage in more Public Private Partnerships in order to fulfil infrastructural demands on large scale projects.
- The 9% VAT rate must be retained. Budget 2018 is not the appropriate time to consider any increases to the 9% VAT rate on the hospitality and tourism sector.
Measures to Support the Self-Employed
- Bring Earned Income Tax Credit for self-employed in line with the Employee Tax Credit.
- Introduce an Opt-in PRSI System for the self-employed.
- Deliver USC Equity by removing the 3% USC surcharge.
- Support Female Entrepreneurship and Women in Business with targeted funding..
- Remove the PRSI anomalies for maternity and paternity leave.
- Tax Credit on Employer PRSI to enable micro enterprises to grow.
Rainy Day Fund
- A Rainy-Day Fund should be established in 2018 with an initial first contribution depending on the fiscal space available. When a balanced budget is achieved and as higher levels of investment are possible, a gradually increased contribution to the fund could to be made in 2019 and 2020 to approximately 0.5% of GDP.
- Flexibility for workers so they can gradually transition into full retirement 2. Incentives to encourage workers to enrol in private pension schemes.