THE NEW PRESIDENT of the Irish Business and Employers Confederation has said that the country has “hit a tax ceiling”.
John Kennedy told the crowd at IBEC’s annual President’s Dinner that rumoured increases to tax in next month’s budget should be scrapped.
Kennedy spoke to the crowd at last night’s dinner, which included Taoiseach Enda Kenny, saying that increasing taxes such as VAT would lead to a loss to the exchequer.
“There is increasing evidence that further tax increases are likely to result in less revenue for the state, not more. VAT receipts are not hitting targets and last year’s significant excise hike has not delivered the anticipated return. A clear signal is needed that the end of austerity is in sight.”
Kennedy added that all government departments should help to drive business.
This means putting in place a regulatory and tax environment that encourages companies to locate and invest here. If we make the right choices we can drive Ireland’s recovery.
The event also marked the launch of IBEC’s re-branding, which is part of a wide range of changes set out in the organisation’s new strategy, “The Future is This Way”.
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