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17/09/2015
Fianna Fáil Lay Out Commitment To 'Supporting Entrepreneurship'
Fianna Fáil leader Micheál Martin has laid out his party's commitment to "supporting entrepreneurship" in a speech at Dublin Chamber of Commerce.
Mr Martin was giving the keynote address at the event held on Thursday morning, where he pledged Fianna Fáil's support for the establishment of a Commissioner for Start-Ups and gave a detailed explanation of the party's approach in the area.
Deputy Martin said: "We need to start addressing the issue of how we tax individual entrepreneurs. I believe that the vital role they play in our society should be recognised through a series of tax changes which reflect the risks they undertake and the returns they deliver for us all.
"A practical way the state can support entrepreneurs is to reduce the rate of capital gains tax that applies when a successful business is sold .We are proposing a reduction from 33% to 15% for businesses sold up to a maximum of €10 million. This would help create jobs in the SME sector and encourage people to create new businesses.
"We would also expand the credit guarantee scheme and we are committed to reducing the 2% premium charged on loans guaranteed under this scheme. The unfair treatment of the self-employed needs to end by immediately increasing the PRSI benefits for the self-employed. They should be allowed to opt in to the Class A Structure which will allow them to receive job seekers and illness benefits if their business does not work out.
"Another key element of our policy is that over the next three years there would be an earned income tax credit introduced for the self-employed to the PAYE tax credit value of €1,650. This would cost €450 million when fully implemented. We also believe that the 3% surcharge on the high income self-employed should be phased out over time so as to equalise the application of the USC to PAYE for this group."
(MH/CD)
Mr Martin was giving the keynote address at the event held on Thursday morning, where he pledged Fianna Fáil's support for the establishment of a Commissioner for Start-Ups and gave a detailed explanation of the party's approach in the area.
Deputy Martin said: "We need to start addressing the issue of how we tax individual entrepreneurs. I believe that the vital role they play in our society should be recognised through a series of tax changes which reflect the risks they undertake and the returns they deliver for us all.
"A practical way the state can support entrepreneurs is to reduce the rate of capital gains tax that applies when a successful business is sold .We are proposing a reduction from 33% to 15% for businesses sold up to a maximum of €10 million. This would help create jobs in the SME sector and encourage people to create new businesses.
"We would also expand the credit guarantee scheme and we are committed to reducing the 2% premium charged on loans guaranteed under this scheme. The unfair treatment of the self-employed needs to end by immediately increasing the PRSI benefits for the self-employed. They should be allowed to opt in to the Class A Structure which will allow them to receive job seekers and illness benefits if their business does not work out.
"Another key element of our policy is that over the next three years there would be an earned income tax credit introduced for the self-employed to the PAYE tax credit value of €1,650. This would cost €450 million when fully implemented. We also believe that the 3% surcharge on the high income self-employed should be phased out over time so as to equalise the application of the USC to PAYE for this group."
(MH/CD)
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