“Family businesses will continue to play their part in strengthening Ireland’s recovery and today’s budget provides some reassurance that they will be supported in their efforts.”
“The €100m tourism recovery package is a much-needed boost for the sector that continues to be impacted by the pandemic. The funding will help the sector to survive the challenging winter months and put it on a positive footing for growth in 2022.
“However, Government failed to grasp the opportunity to use Budget 2022 to rebalance Ireland’s economy. With ongoing changes to Ireland’s FDI model, there is an ever growing need to reduce Capital Gains Tax to unlock greater levels of investment in indigenous firms so they can innovate and grow. Employing twice as many as Foreign Direct Investment and the State combined, indigenous Irish businesses want to hire more people, invest and support both their local and national economies.
“Cutting CGT to 20% would have led to increased exchequer returns at a time when they are needed most. Without this important change, many family firms will continue to face the threat of having to sell key parts of their business as it passes from one generation to the next.
“It is disappointing that no firm commitment has been made to replace the outdated commercial rates system which penalises local family firms to the benefit of large online retailers. The current system of commercial rates is an unfair weight on the shoulders of family businesses and it is overdue for reform.”