Chamber welcomes business elements of the budget

Clonmel Chamber has welcomed the business-focused measures in Budget 2014 delivered by Ministers Noonan and Howlin on Tuesday last.

Clonmel Chamber has welcomed the business-focused measures in Budget 2014 delivered by Ministers Noonan and Howlin on Tuesday last.

Clonmel Chamber, as part of the Chamber network in Ireland set out a number of recommendations in its pre-budget submission and a number of the recommendations were included in Budget 2014.

Speaking at the Clonmel Chamber Budget Breakfast in the Park Hotel, Chamber CEO Brian Cleary said that the measures promoted by the Chamber network were all aimed at assisting companies and creating employment.

“Throughout 2013, including in our ‘Alternative 10 Point Plan for Micro, Small and Medium-Sized Enterprises’ and pre-budget submission, we called on the Government to introduce a reduced VAT rate for home repair, maintenance and improvement. A variation on this scheme was announced in the budget. Tax credits will be available for homeowners making improvements over a period of two years on projects of a certain value.

“We called for the retention of the 9% VAT rate for the hospitality sector. This was announced in the Budget.

“We called for an increase in the threshold for cash accounting. This means SMEs will pay VAT only when they have been paid. This was increased from €1.25m to €2m,” he said.

According to Mr Cleary, Chamber Ireland also called for improvements to, and increased promotion of, the Enterprise and Investment Incentive Scheme and both were announced in the Budget.

“We also consistently called for an improved environment for entrepreneurs by introducing Capital Gains Tax Relief. The 50% relief on Capital Gains Tax for re-investment in start-up companies, announced in the Budget, will help raise much-needed finance.

As you can see, the Chamber network was a key influencer in this regard,” he said.

He also thanked those that attended the Clonmel and Cahir budget breakfast events and the staff at O’Gorman, Brannigan, Purtill for their excellent presentations.