Budget a missed opportunity to support local businesses

Although the minister had limited resources available and many competing demands, he has carefully targeted some support to the indigenous sector, but more could have been done to help companies on the road to recovery and renewal. Picture: iStock

Budget 2022 presented an ideal opportunity to promote entrepreneurship, support growth and create jobs in our private and family business sectors, which employ 45% of people working in Ireland. With very limited resources and many competing demands, it delivered on some fronts, but there were certainly some missed opportunities.

It was fundamental that the minister committed to the 12.5% corporate tax rate for companies with a turnover of less than €750m for the foreseeable future. In practical terms, this means that most indigenous businesses will continue to be taxed at 12.5%. With many costs rising, this certainty is vital for the sector.