Tuesday’s Budget marked the end of seven consecutive austerity budgets. In response to the measures announced Cork Chamber acknowledged the efforts made to reduce income tax and boost consumer confidence; however Budget 2015 has neglected to adequately support the Indigenous SME and self-employed sectors who are the lifeblood of the Irish Economy.

On a positive note, an exciting announcement was the introduction of a Knowledge Development Box which will act as an incentive for companies to undertake more R&D activities. Additionally, the clarity provided around the 4 year phasing out of the Double Irish tax position while maintaining Ireland’s attractiveness as a location for MNCs through the retention of the 12.5% Corporate Tax rate was most welcomed.

To read Cork Chambers full response please click here