In its Pre-Budget 2015 submission CCAB-I calls for reforms in the tax system to better suit a recovering economy. The accountancy profession is also concerned at the threat to Ireland’s Corporation Tax take from international pressure. The Pre-Budget submission recommends that Ireland makes no changes in advance of an international consensus on the taxation of multinationals being reached.

Other points made in the submission include:

• The Government should assist workers on the average wage on the transition from the 20% income tax rate to the 41% rate by introducing a targeted additional tax credit given by way of claim.
• It will be important to ensure that the Irish tax base is not compromised under the OECD Base Erosion and Profit Shifting proposals.
• The Government should allow the Special Assignee Relief Programme (SARP) to generate additional income tax for the Irish Exchequer by amending some of the restrictions which apply.
• Rewarding invesmtent in Irish marketing staff in foreign countries with more effective use of the existing Foreign Earnings Deduction.
• The Government should provide an income tax credit of 6% to individuals who move savings out of deposit accounts into SME ventures.
• The Government should reduce the rate of Capital Gains Tax charged on gains made by individuals on their business assets.
• Changes to the Enterprise Investment Incentive Scheme to make it available to a broader range of businesses and investors.
• A change to the system of R&D expenditure to allow all companies to claim the same level of credit for the amount they spend, irrespective of commencement date.
• A public debate on the appropriateness of Legal Professional Privilege secrecy within the tax system should be commenced

You can read the submission on here.