Historically, Ireland has produced some of the best entrepreneurs in the world.
We have produced world leaders in agri-food, aviation, medical devices and pharmaceuticals, to name just a few.
- This proud record continues to the present day.
- We are witnessing a “vibrant new start-up scene in Ireland”, particularly in the Technology and the Agri -food sectors.
Our entrepreneurs are coming up with brilliant new ideas and development of these will help to enhance our lives in many ways.
Fianna Fáil will nurture and expand this entrepreneurial activity.
However, we are in a globally competitive market for the best and the brightest new enterprises. New businesses are more internationally mobile than ever before.
The current government has been far too slow in recognising this.
- The recent extension of Capital Gains Tax Relief in Budget 2016 was extremely limited.
- Their miserly concession was to put a 20% tax on the first million of gains and 33% tax on any subsequent gain.
- In contrast the UK has a simpler, clearer and more attractive system which applies a flat 10% rate to entrepreneurial gains of up to £10 million Stg.
- This government has left the UK with a substantial advantage over us.
I strongly believe in giving incentives to:
- Encourage entrepreneurs to take the risk of setting up a new venture
- Reward those who are willing to invest in these new ventures.
I know this will deliver good value to the Irish taxpayer.
That is why I have fought for a fundamental reform of the tax treatment of successful entrepreneurs.
I am delighted that in the forthcoming election Fianna Fail are committing to cut the Capital Gains tax for entrepreneurs to 10% on the first 15 million euro of gains.
This will immediately eliminate the competitive tax advantage that the government has handed to the UK.
This Fianna Fáil commitment has the potential to be a truly historic reform and deliver a world class tax system to support high potential businesses.
As an entrepreneur myself and co -founder of Lir Chocolates, I know that there is no shortage of men and women with the skills, ability,
perseverance and drive to bring innovative products and services to Irish and International markets. In doing so, they will create thousands of new jobs for our citizens in all parts of Ireland.
We want these entrepreneurs to set up and remain here in Ireland and Fianna Fáil is determined to do everything we can to make sure that happens.