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Policy Updates

Chambers Ireland: Alternative 10 Point Plan for Micro, Small and Medium-Sized Enterprises

Chambers Ireland has launched an An Alternative 10 Point Plan for Micro, Small and Medium-Sized Enterprises. This plan is a response to the 10 Point Tax Reform Plan for SMEs announced by the Government in Budget 2013. Following initial analysis of the 10 Point Plan, Chambers Ireland engaged with a number of subject matter specialists and representatives from the Chamber Network including Cork Chamber. As a result the Chamber Network has developed an alternative plan which it believes can help businesses create transformative change and in turn stimulate job creation.

Key recommendations include:

1. Introduce a Reduced VAT Rate on Housing Repair, Maintenance and Improvements (RMI)

2. Enable Start-ups to Offset Corporation Tax against Other Taxes Due

3. Halve the level of Capital Gains Tax for Entrepreneurs to 16.5%

4. Introduce a Targeted Rates Reduction for Businesses in Town Centres

5. Introduce a Double Rent Deduction for Companies with Upward Only Rent Reviews

6. Apply an ‘Ireland Rate of Return’ in Tendering Decisions for Public Sector Contracts

7. Introduce an Additional Tax Incentive Policy to Encourage Private Sector Investment

8. Promote Ireland as the Best Possible Location for Nearshoring

9. Mandate all Government Research Funding Agencies to set aside 2.5% of their Budget for SMEs

10. Introduce Further Operational Initiatives to Promote Business Interests

To download a copy of the plan, click here. 
 

Cork County Council "Adopt a Road/Roundabout" Scheme

In 2012, Cork County Council implemented an “Adopt a Road” scheme which allows businesses and voluntary community groups to adopt a designated stretch of road by agreeing a litter maintenance programme on it with the Council. This scheme encourages businesses and local community groups to work together to reduce litter while promoting local businesses or community interests and offers businesses an opportunity to highlight their commitment to a clean and attractive local environment.

In recent weeks, Cork County Council has expanded this scheme to include roundabouts. The “Adopt a Roundabout” scheme will allow local businesses or community groups to sponsor the landscaping and maintenance of a roundabout in their area. All agreed works must be carried out by professional landscaping contractors and are subject to approval of the Council’s Area Engineer.

This scheme builds on the strengths of the Tidy Towns initiative and community volunteerism alongside corporate social responsibility. When agreement has been reached between the group and the local authority, a sign will be placed on the stretch of road/roundabout highlighting the name and/or logo of the community group or business beside the County Council’s name and logo.

Those interested in participating in the Scheme should first contact Cork County Council’s local Area Engineer’s office, Click here for Contact Details, to discuss their proposals.

For more information click here

Taxsaver Commuter Ticket Scheme  

 
Cork Chamber’s Membership Transport Survey indicated that almost 89% of businesses in the Cork region do not operate Employee Transport Benefit Schemes. Similarly, over 75% of employers and employees use a private car (single occupancy) for transport to and from work. This is a challenging figure in the context of the efforts of all stakeholders to develop a modern and efficient public transport network and deliver significant modal shift in Cork.

To address this issue, Cork Chamber and our regional partners are advocating the use of the TaxSaver Commuter Ticket Scheme. The scheme is an incentive designed to increase the use of public transport amongst commuters.

In Cork, the scheme is operated by Iarnrod Eireann and Bus Eireann in conjunction with the Revenue Commissioners. The scheme involves employers providing employees with bus and rail commuter tickets while saving on employer PRSI payments.
Participating employees benefit from reduced tax and PRSI payments.

Companies can save up to 10.75% in PRSI while employees can save between 31% - 52% in tax, PRSI and USC.
Over 2,500 companies are now purchasing Monthly and Annual tickets for their employees.

There are several ways companies can assist their employees in receiving a TaxSaver Ticket:

• Salary Sacrifice – Deduct the cost of the ticket from their gross salary.
• In place of a cash bonus – Deduct the cost of the ticket from their bonus.
• Addition to salary – Provide the ticket as an addition to their current salary.

Terms and Conditions

• There must be a bone fide and enforceable alteration to the terms and conditions of employment (exercising a choice of benefit instead of salary)
• The alteration must not be retrospective and must be evidenced in writing.
• There must be no entitlement to exchange the benefit for cash.
• The choice exercised (i.e. benefit instead of cash) cannot be made more frequently than once a year and then only with the consent of the employer.

For further information on the TaxSaver Commuter Ticket Scheme, please visit www.taxsaver.ie