Budget 2024 must allow small business owners to stay ahead in a rapidly-evolving business environment, the Small Firms Association (SFA) has said.

The SFA Budget 2024 submission has called on Government to tackle the increasing costs of doing business, and sustain investment and reward and retain talent through the tax system.

Director David Broderick said: “The Irish economy has proven resilient, as we recovered from COVID and faced the challenges of inflation and rising energy prices, now as we enter a time of interest-rates hikes, it is vital that the Government use Budget 2024 to focus on providing certainty on costs and maintaining competitiveness, to safeguard our domestically owned businesses.”

Rising costs

Ireland is becoming a place where it is more and more difficult to do business due to continuing rising costs, in wages, administration and utilities, he added.

“To make Ireland a better country for entrepreneurs, SFA would like Capital Gains Tax to be reduced to 20% and the lifetime limit for CGT Entrepreneur Relief increased to €15 million and remove the 50% working-time test to help incentivise investment in small firms and benefit from expertise and experience.

“To reward and retain staff, SFA is also calling for the Small Benefit Exemption to be paid in four, tax-free payments each year, and increase the combined value of the four benefits to €2,000,” he said.