Small Firms Association calls for 20% capital gains tax rate in budget

The Small Firms Association (SFA) has urged the Government to introduce a “no-nonsense” 20% capital gains tax for existing companies in the October budget, as a means of encouraging entrepreneurs and small business owners to reinvest in their own or other ventures.

Addressing delegates at the organisation’s annual conference, in Dublin, yesterday, SFA chairperson AJ Noonan said Ireland should adopt a rate closer to the UK’s 10% mark to encourage people to reinvest their gains.

“How are we expected to create wealth when capital taxes are among the highest in the OECD never mind the EU?