CCAB-I has made its annual Pre-Budget submission to the Minister for Finance.

The key items being promoted are:

• Ireland must protect its tax sovereignty. Ireland should not necessarily be the first adopter of international tax policy if that is not always in Ireland’s best interests.
• Ireland should channel domestic tax policy into providing support for entrepreneurism and recognise the fact that entrepreneurism also includes professional service based businesses.
• Irish domestic tax policy must avoid over reliance on one sector of the economy. Data shows that 25 per cent of income earners pay 80 per cent of all the income tax and USC in this country. Considering that income tax and USC accounts for nearly half of all tax paid to the exchequer, a very heavy burden is falling on a relatively small number of taxpayers. The CCAB-I cautions against dependency on one sector of the economy to shoulder the tax burden.
• An independent review of Revenue’s customer services standards is necessary in the interests of transparency and the management of the cost of doing business in Ireland.
• A 10 per cent surcharge based on the tax liability for non-compliance with iXBRL is disproportionate.

You can read the CCAB-I submission on the Chartered Accountants Ireland website.