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October 16th, 2013 @ 08:36

Budget 2014 Mostly Positive for Business Increase in Pension Levy Counter Productive

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Chambers Ireland has welcomed the majority of pro-business measures announced as part of Budget 2014.

Speaking this afternoon, Ian Talbot, Chambers Ireland Chief Executive, said “This budget has been one of the most positive for business in recent years and we are glad that the Government has accepted that recovery will be achieved through job creation and support for business.”

“Measures that the Chamber Network has consistently campaigned for such as the Home Renovation Tax Incentive Scheme and the maintenance of the 9% VAT rate for the hospitality sector will have a direct impact on job creation. Businesses will also benefit from the increase in the cash receipts threshold for VAT to €2m, Capital Gains Tax Relief for certain entrepreneurs and the removal of restrictions on the Employment Investment and Incentive Scheme.”

“While there is lots to be positive about, a real disappointment to business is the 100% increase in sick pay costs for employers which, coming on top of the abolition of the redundancy rebate scheme in previous budgets, will extend the period of weak job growth as employers seek to hold off in hiring staff as long as possible. This combined with the increase in the pension levy are counter productive measures which will hamper job creation and hurt Ireland’s economic recovery,” he concluded.

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