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Irish FinMin To Examine Tax Burden On Self-Employed

by Jason Gorringe,, London

21 August 2015

Ireland's Finance Department is to undertake a review of the taxation of entrepreneurs and the self-employed, Fine Gael Member of Parliament Ray Butler has said.

According to Butler, "The purpose of the review is to assess what tax measures are and are not working effectively, as well as considering options for change to better incentivize entrepreneurship."

73 percent of respondents to a recent Fine Gael small business survey supported equalizing the income tax credits available to self-employed and Pay As You Earn (PAYE) employees. 80 percent were strongly in favor of reducing the general tax burden.

"I believe that during the course of their review the Department of Finance will come to many of the same conclusions and that we will be in a position to move one step closer to providing further support for the self-employed in the upcoming Budget in October," Butler said.

This week, the Small Firms Association said that the lack of a PAYE equivalent tax credit for self-employed persons and proprietary directors means their effective income tax rates are higher than PAYE workers at the same level. It has recommended that proprietary directors receive the PAYE tax credit if they pay tax on a PAYE basis and that the three percent Universal Social Charge (USC) surcharge on proprietary directors be abolished.

Last month, business association Ibec called for the introduction of an Earning Income Tax Credit for the self-employed and a reduction in the USC surcharge from three to two percent.

TAGS: tax | small business | business | proprietors | Ireland | entrepreneurs | employees | tax credits | ministry of finance | self-employment | tax rates | trade association | trade | individual income tax

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