Martin Shanahan, CEO of the IDA Ireland, mentioned in a press interview, "If we (Ireland) have any experience to share, I think an important point is to make your country a place where it is easy to do business." Investors immigrating to Ireland choose Ireland due to its vibrant economic environment. Recently, the Irish business organization IBEC hopes that the next Irish government will implement tax reforms to encourage more people to start businesses, focusing on supporting local enterprises.
IBEC points out, local companies in Ireland account for 43% of the Gross Domestic Product, 36% of business investment, 25% of corporate tax, 15% of export value, representing 98% of the number of enterprises. A report from IBEC suggests that more incentives should be introduced to encourage the public to invest in entrepreneurship, to create more jobs, and generate more social wealth.
The report states that the next government should encourage individual entrepreneurs and private managers to deduct taxes when paying salaries. A moderate personal income tax credit mechanism should be established, and the general social charge of 3% levied on individual entrepreneurs should be abolished. The report recommends introducing a simplified tax credit , reforming the tax distribution ratio to alleviate the burden on small businesses.