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Thursday, 1st October 2020
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Promoting entrepreneurialism Back  
New Commission to examine tax reliefs and incentives.
For the first time since 1985 the Irish Government has signaled its intention to establish a Commission on Taxation, which will examine tax reliefs and incentives in Ireland. The last time such a commission was formed was back in 1982, when it produced five reports between then and October 1985.

With the on-going furore over the lack of tax payment by Ireland’s wealthy, the Minister for Finance and Tanaiste, Brian Cowen, said that while tax incentives were a valid and useful policy instrument, ‘they had to be used judiciously and with an eye to their cost effectiveness and impact on the overall fairness of our tax system’.

Writing in this month’s Tax Monitor, KPMG partner Paul McGowan recommends four principal topics which should concern the Commission:

• The attraction and competitiveness of Ireland’s tax system for internationally mobile investment
• The impact of the tax system in enticing the population to engage in economic activity, especially as entrepreneurs but also as employees
• The possibilities of reducing the cost of tax administration for business
• The unsatisfactory manner of forming tax policy, drafting tax legislation and enacting finance acts

He adds that the commission should address the question, ‘Do we make it attractive to become an entrepreneur and employer rather than being an employee of another person?’ and is recommending that the commission promotes entrepreneurialism, as ‘it is from entrepreneurs our future prosperity will come’.

The plans for the commission are expected to be announced ahead of the Budget.

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