Ibec represent many businesses and employers in Ireland – and they have a few suggestions about what should happen in Budget 2017 this coming October. They are especially concerned with the exit of Britain from the EU.
Ibec’s Main points for Budget 2017
They say that the Government should not deviate from plans for a additional €1 billion worth of spending increases and tax cuts.
Personal Taxation : Ibec suggest that the point at which workers hit the higher tax rate should be increased by €1,000.
They also suggest that tax credits should remain for higher earners (the government were planning on cutting these)
Ibec do not agree with putting a sugar tax on soft drinks.
Ibec also want a cut in duty on alcohol and no increase on tobacco duty.
They also want Budget 2017 to significantly increase capital gains tax (CGT) relief for entrepreneurs, enhance investment schemes, and improve the treatment of share options.
Housing: Ibec want the Government to seek a derogation from the European Commission, on social grounds, and spend €1 billion outside of the current fiscal framework on social housing in 2017.
Ibec suggest that the Government should introduce a time limited (3 year) reduced 9% rate of VAT for student housing in Budget 2017.
Ibec want increased funding for third level education and for it to be funded by tuition fees and student loans.
Ibec want Child Benefit to be means tested and the savings from those cuts to be spent on extension of the Early Childhood Care Education scheme and implementation of a formal after-school care system.
Who or What is Ibec?
Ibec say they are ” the national umbrella organisation for business and employers in Ireland” . Originally known as the Irish Business and Employers Confederation , it was formed in 1993 as a result of the conclusion of the Confederation of Irish Industry and the Federated Union of Employers