All eyes will be on Leinster House this afternoon as Minister Michael Noonan unveils the 2017 Budget. One interested party, eagerly awaiting the detail is the start-up community of Ireland. The Dublin Commissioner for Start Ups put together a pre-Budget submission for consideration.
Speaking to Newstalk.com, Niamh Bushnell outlined what her submission entailed.
"We welcomed the opportunity to make recommendations on Budget 2017, based on consultation with some of Ireland’s most promising startups. This submission includes specific recommendations to address the key obstacles that our startups identify as impediments to their success and ability to create jobs."
The four specific recommendations addressing the key obstacles identified by startups are as follows:
1.Employee Share Remuneration
2.The Employment and Investment Incentive (EII) Scheme
3.PAYE Equalisation for the Self Employed
4.Capital Gains Tax Relief for Entrepreneurs
"A key overarching theme is the need to simplify all tax reliefs available to startups. Resource and time constraints mean that if a relief is difficult to understand, or requires the use of costly professional services to implement, it will not be of service to the startup community. The introduction of a package of straightforward and broadly marketed reliefs aimed at early stage companies would, of itself, be a hugely positive step forward," says the submission.
The Programme for a Partnership Government set the objective of 200,000 jobs by 2020. Start ups have an important role to play in that regard.
The Government is expected to announce a lower rate of capital gains tax of 10% for entrepreneurs later today. The lower rate applies to the sale of all or, indeed, part of a business with an overall limit of €1 million in chargeable gains.