Accountants welcome budget pro-business measures

The Institute of Certified Public Accountants have broadly welcomed the measures in today's budget designed to encourage business development and entrepreneurship.

Minister for Finance Michael Noonan earlier announced a series of 25 measures he identified as being pro-business, amounting to €500m.

“We broadly welcome the pro-business measures announced by Minister Noonan today," said Eamonn Siggins, Chief Executive.

"Within the constraints in which the Minister was operating this budget is a deliberate attempt to support entrepreneurs and stimulate innovation with the purpose of protecting and growing employment.”

The Institute cited the Home Renovation income tax credit scheme, the "start your own business" programme for the long-term unemployed, and the capital gains tax relief for entrepreneurs as positive developments.

Joe Aherne, the organisation's President, said: “from the perspectives of both an accountant and a business owner, I welcome a number of the measures announced.

“I am concerned, however with the measures to standardise the rate of maternity benefit and the increase for entitlement to illness benefit from 3 to 6 days, as these could prove very costly for small business owners, and in fact could act as a deterrent to job creation in the long run.

"As such, I would urge the government to review these measures carefully and ensure there is a robust cost benefit analysis in relation to both.”