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Accountants: Rise in tax will stifle economy
By Vincent Ryan
Any increase in taxes will stifle recovery in the domestic economy and result in further job losses, according to Chartered Accountants Ireland (CAI).
Its president Austin Slattery said: “There are two economies in Ireland at present. While internationally traded goods and services are holding their own in export markets, the indigenous domestic economy continues to struggle.“Unemployment continues to grow. After five years of successive tax increases, we cannot afford to damage the domestic economy any further with more tax hikes in 2013.
“We have to give business breathing space to sustain jobs and leave people with some money to spend in the domestic market.
Director of taxation Brian Keegan said: “Businesses have endured five years of tax increases. They should be commended for their compliance, but they need a break.
“We need to look at how appropriate it is to stick rigidly to a plan that was drawn up two years ago,” he said, in reference to the troika bailout plan.
The planned exchequer adjustment for 2013 is made up of expenditure cuts of €2.25bn and additional taxes of €1.25bn. The CAI claims this must be rebalanced to protect employment.
“We accept the need for a property tax as a replacement for stamp duty, but that is as far as Government should go this year in increasing taxes. Further increases to direct levies on business, such as PRSI, or to indirect levies, such as motor taxation, carbon tax, and pension funding, cannot be met by Irish business without further jeopardy to employment. If we suspend or postpone any such increases, that will help competitiveness,” said Mr Slattery.
Mr Keegan said that last year’s budget had been spun as a pro-jobs budget as there had been no rise in income tax, but he claimed the indirect tax increases had resulted in the loss of 33,000 jobs.
According to the CAI’s research each job lost costs the exchequer €23,000 in lost revenue.
The group believes the property tax might raise €500m. The remaining €750m adjustment must be achieved through a combination of tax increases carried forward from 2012 and some €500m in additional cuts to public expenditure.
“We know from our direct experience as business managers and advisers that businesses and the self-employed are struggling to meet their tax commitments.
“Compliant businesses are finding it hard to secure funding to pay their tax liabilities. Further tax increases at this point will force us into a downward spiral where more and more money will have to be collected from fewer and fewer businesses and employees.”