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Saturday, July 2, 2022

ISME calls for comprehensive tax reforms

Business lobby group Ismay has called on the government to bring out a comprehensive package of tax reforms in the next budget.

In his pre-budget presentation, Ismay urged Finance Minister Pascal Donohue to include a solidarity USC levy of 3pc on all PAYE employees earning more than €100,000 per year.

The proposed reform will also include reducing the capital gains tax (CGT) to 25pc, which the Isme state will raise an additional €500m annually.

ISME Chief Executive Neil McDonnell said: “We believe our proposals on USC and CGT will generate an additional €800m per year for the exchequer.”

ISME also suggested eliminating the PRSI transition zone for low-paid workers and replacing it with a PRSI rate of 2pc on weekly earnings of up to €440 per week. Income over €440 per week will then be charged 6pc.

The lobby group estimates that the change will increase take-home pay for all full-time employees who currently earn less than €880 per week.

Ismay, which represents small and medium-sized businesses, has also suggested that any government spending used to ease ongoing inflationary pressures should be channeled through the Social Security system to those most in need. People should be focused.

Other measures proposed by ISME include incentives from the government to increase the number of firms listed on the stock exchange, as well as making it easier for employees to invest in such companies.

The group also spoke out against the trend of employers buying housing for employees, arguing that the government should help bring private landlords back into the rental market through a taxation system. Ismay also said the government should address the cost of funding deep retrofits in the budget due to its spending.

McDonnell said, “With economic data showing continued divergence between the GDP economy, including multinationals and the domestic economy, which are mostly SMEs, we need to conduct a comprehensive stakeholder review of indigenous industrial policy to improve the performance of our SME sector.” the wanted.”

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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