Government reviews taxation of entrepreneurs and the self employed

Government reviews taxation of entrepreneurs and the self employed

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moneyA review of the taxation of entrepreneurs and the self-employed being undertaken by the Department of Finance will help support those who create the jobs on which the local economy in Clare depends, according to Fine Gael Senator Tony Mulcahy.

The Government review is considering a number of key questions on tax and entrepreneurship, including what role should the tax system play in encouraging entrepreneurship, what existing tax measures are effective in supporting small business and encouraging entrepreneurs, and whether there scope for greater alignment in terms of how the self employed and PAYE taxpayers are treated. The review also explores what barriers exist to establishing enterprises in the current tax system.

“The purpose of the review is to assess what tax measures are and are not working effectively as well as considering options for change to better incentivise entrepreneurship,” stated Senator Mulcahy.

“This review will take a close look at how our tax system can best support the entrepreneurs and self-employed people on whom our economy is so reliant. The businesses they create are fundamental to having a dynamic and competitive economy and they create a huge amount of jobs, the taxation from which funds the running of the State. Around 70% of the workforce in County Clare are employed by SMEs or are self-employed,” he added.

“It is vital that we create an economy that supports SMEs and entrepreneurs,” stated Senator Mulcahy. “This Government is determined to replace all of the jobs lost under Fianna Fáil with sustainable, long term jobs. In order to achieve this we need strong Irish indigenous industry, and a strong SME sector to create and sustain these jobs. This can be achieved through taking smart, practical taxation measures which support our job creators.”

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