A way to support SMEs and the Self-Employed
Ireland’s small and medium sized businesses (SMEs) are the back bone of our economy and employ nearly 1 million workers.
There are too many hurdles faced daily by job creators, who keep delivering for their communities. The self-employed pay higher income tax and PRSI rates than those they employ, and there is no equivalent social protection supports if your business fails.
This has to change as it is crippling small business and low-income self-employed persons who are trying to meet their financial responsibilities every week. They need to be rewarded.
Fianna Fáil’s plan to support SMEs and the Self-Employed
Equal treatment for the self-employed
Ensure the full tax equalisation for the self-employed and a fully equivalent PAYE credit.
Extension of social protection supports
Extend on a phased basis the full range of social protection supports to self-employed PRSI contributors as part of our commitment to foster an entrepreneurial culture.
New State Enterprise Bank
Set up a State Enterprise Bank for businesses. Currently, the banks have failed to live up to their obligations as the financial custodians of the credit market. We would set up a state backed bank along the lines of the Industrial Credit Corporation (ICC).
Reform the Capital Gains Tax regime
Reform the Capital Gains Tax regime for SMEs as the current high rate of Capital Gains Tax makes Ireland less attractive for investment. This is particularly the case for SMEs trying to get the finance to grow. The lifetime limit on the entrepreneurial relief needs to be raised from the current €1 million to make it more competitive with other countries.
Reform the Commercial Rates Regime
Reform the Commercial Rates System. The current system has to encourage start-ups and regional development not penalise them.
Brexit-related Enterprise Support Fund
Operationalise an enterprise support fund to be made available to the worst affected and most exposed firms, as a policy response to protect from the impact of Brexit.
Support businesses in getting online
Increase supports to enable businesses get a foothold in the online market.
Simplify the regulatory burden on SMEs