The Law Society of Ireland has made a detailed pre-budget submission.
- Tax changes outlined under Companies Act 2014 have not been implemented putting Ireland at a competitive disadvantage.
- Ireland at risk of losing entrepreneurs and creative industries of changes to tax codes not implemented.
- Thousands potentially affected by inequity in taxation and probate matters stemming from unfinished work relating to Marriage Act 2015.
The Law Society of Ireland has recently submitted 22 detailed recommendations for changes to the Irish taxation and probate systems to alleviate social inequities and ensure Ireland remains an attractive option for international investment post-Brexit.
“The effectiveness of the tax system and its ease of administration helps drive economic growth and job creation. However, we are calling on the Government to be more proactive in ensuring ongoing competitiveness for international investment in coming years given the uncertainty that surrounds us,” said Ken Murphy, Director General of the Law Society of Ireland.
“We have also highlighted a number of inequities in the tax code where the system simply hasn’t kept pace with recent legislative and social changes. These inequities are causing an unnecessary burden on key sections of our community.”
The Law Society’s pre-budget submission to Government also provides detailed recommendations to improve the attractiveness of Ireland for foreign investors and to cure a number of taxation anomalies that have arisen, particularly following the passing of the Marriage Act 2015.
Keeping Ireland competitive
“The Companies Act 2014 was the largest piece of legislation introduced in the history of the State, but unfortunately a lag in implementing tax changes as part of the Act has put us at a disadvantage and created unnecessary uncertainty about doing business in Ireland,” said Mr Murphy.
“To remain competitive, we need to be seen as a ‘best in class’ destination for company law and enterprise regulation. This will directly create jobs and generate much needed economic activity. We also need to encourage and support our entrepreneurs - the existing tax codes, and particularly the interaction with the new economy, needs updating or we risk losing some of our most innovative people to other countries.”
“We have also identified initiatives the Government has previously promoted, like the review of Stamp Duty on the transfer of stocks or Irish marketable securities. These are positive initiatives that are yet to be implemented but would certainly benefit the economy and ensure we are not at a competitive disadvantage to the UK.”
Equity within taxation and probate
“Since the passing of the Marriage Act 2015 our members report a range of taxation and probate issues that have resulted. These basically reflect a tax code not keeping pace with legislation or the practical experience of citizens.”
“Our submission outlines a range of simple but technical recommendations which will ensure fairness and equality, in line with the original intention of the Act.”
“Most importantly, many of our recommendations make no additional call on the public coffers, and will bring financial relief to many people within the community. It’s about ensuring fairness, certainty and equality before the law.”
The 22 recommendations are outlined in detail within the April submission.
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