herald

Monday 11 December 2017

Limit rises says IBEC

BUSINESS lobby group IBEC has called on the Government to limit tax increases in the upcoming Budget to €600m.

In its pre-Budget submission, the group said that there needs to be a focus on the cuts recommended by the McCarthy report.

Senior economist with Ibec Fergal O'Brien said that a 6pc downward adjustment in PAYE tax credits would generate the equivalent of about €6 per week per worker.

And the organisation supported a property tax, which could raise about €1bn annually and is the least damaging to the economy.

In Budget 2011, it recommends doubling of the tax on second homes, which would raise an initial €80m.

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