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27/07/2015
Irish Response Needed To Improve UK's Attractiveness To Business - Ibec
Ibec has announced that decisive moves to improve the UK's attractiveness to business in George Osborne's latest budget demand an early Irish response.
Launching the group's Budget 2016 submission, Ibec warned over the risk of being outmanoeuvred by competitor economies and said Ireland's attractiveness to corporates, entrepreneurs and mobile talent will determine our capacity to improve the quality of life of all our citizens over the coming years.
Ibec CEO Danny McCoy said: "The recent UK budget is a major wake up call. They have embarked on a radical reform of the tax code to attract the next wave of inward investment, champion entrepreneurship and boost job creation. We need to show similar ambition. We have an opportunity to re-position post-crisis Ireland as a nimble, dynamic, pro-business and pro-entrepreneurship economy. If we get it right, we'll reap the rewards in terms of new jobs, quality investment, better public services and improved living standards.
"We need an income tax system that better rewards work and is more attractive to mobile talent, including recent emigrants. We currently have the highest marginal tax rate at average earnings in the world. You have to earn €61,000 in the UK to be hit by their 40% tax rate, in Ireland workers earning less than €34,000 pay a much higher marginal rate. The government should cut the marginal rate by 1% in this budget and continue to reduce it over the coming years. The point at which workers hit the marginal rate should be increased by €1,500 in the budget, and personal tax credits should be indexed for all workers."
(CD)
Launching the group's Budget 2016 submission, Ibec warned over the risk of being outmanoeuvred by competitor economies and said Ireland's attractiveness to corporates, entrepreneurs and mobile talent will determine our capacity to improve the quality of life of all our citizens over the coming years.
Ibec CEO Danny McCoy said: "The recent UK budget is a major wake up call. They have embarked on a radical reform of the tax code to attract the next wave of inward investment, champion entrepreneurship and boost job creation. We need to show similar ambition. We have an opportunity to re-position post-crisis Ireland as a nimble, dynamic, pro-business and pro-entrepreneurship economy. If we get it right, we'll reap the rewards in terms of new jobs, quality investment, better public services and improved living standards.
"We need an income tax system that better rewards work and is more attractive to mobile talent, including recent emigrants. We currently have the highest marginal tax rate at average earnings in the world. You have to earn €61,000 in the UK to be hit by their 40% tax rate, in Ireland workers earning less than €34,000 pay a much higher marginal rate. The government should cut the marginal rate by 1% in this budget and continue to reduce it over the coming years. The point at which workers hit the marginal rate should be increased by €1,500 in the budget, and personal tax credits should be indexed for all workers."
(CD)
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