Budget 2017 – What does Budget 17 mean for you, your business and the wider environment?

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Choices. Priorities. Opportunities.
What does Budget 17 mean for you, your business and the wider environment?
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Introduction

Has Minister Noonan made the right choices for a path to sustained progress and prosperity? Experts at PwC outline the choices that have been made, as well as the priorities and opportunities that lie ahead for Irish business.

Focusing on the areas we have concentrated on in recent weeks – FDI; financial services; PLCs; domestic businesses and entrepreneurs – we provide our insights on the implications of today’s announcements and on what Budget 17 will mean for you.

Join the conversation on Budget 17 by using the hashtag #PwCBudget17
Joe Tynan
Head of Tax,
PwC
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What does Budget 17 mean for Irish business?

Liam Diamond considers the impact of Budget 17 on Irish business in the context of the uncertain global tax environment.
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Was Budget 17 fair?

Ireland is facing into an era of significant international change. Budget 17 presented a good opportunity for Minister Noonan to reaffirm the stability of Ireland’s tax policy to the international community. With a modest budget of €300 million to spend on tax adjustments, his tax measures give a little to everybody and largely maintain the status quo for businesses.
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FDI

Budget 17 included a number of welcome and positive comments for the FDI community. There was a clear commitment to our own corporate tax rate and to meeting international tax standards that should provide certainty for business. The Minister made specific reference to the FDI opportunity for Ireland presented by Brexit.
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PLCs

Not surprisingly, Budget 17 contained no significant changes for Irish PLCs.  This trend is likely to continue as the focus of Government shifts to reforming the Irish income tax system in line with the Programme for a Partnership Government published in May 2016.
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Private Irish Business

Budget 17 has taken some small steps to enhance the tax landscape for private Irish businesses and their shareholders. What will enhancements to the Foreign Earnings Deduction relief and the proposal for a SME-focused share incentive scheme mean for business owners?
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Financial Services

Although the Budget speech contained few references to financial services specific measures, the “rock solid” commitment made by the Minister to Ireland’s corporate tax regime and Ireland’s international tax strategy will be welcomed by all business sectors including the financial services sector.
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What does Budget 17 mean for you?

Aoife Reid summarises the personal tax changes introduced in Budget 17, as well as issues that will be relevant to employers.
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What Budget 17 means for…
Employment taxes

Today’s reduction in USC rates is welcome, but the failure to tackle Ireland’s perceived high marginal tax rate will do little to attract the highly skilled employees we need here.
Property

It remains to be seen whether the measures introduced today are a step in the right direction in terms of helping the Government achieve its stated aim of creating “a functioning housing market”.
VAT, Global Trade & Customs

Retention of the 9% VAT rate for the tourism and hospitality sector is welcomed. There were no major surprises in the trade, excise and customs measures introduced.
Pensions

No pension taxation changes, but a key area of focus in Budget 17 was the challenge of funding the State retirement pension in light of the cost burden it increasingly presents.
Agri-tax

A new, flexible, low cost loan fund to be established for farmers to improve cashflow and reduce the cost of short term borrowings. Farmers to be allowed to temporarily ‘step out’ of income averaging in exceptionally poor years.
Tax Rate Card

All the relevant tax rates for you and your business.
What does Budget 17 mean for you?
No doubt you will have questions after Budget 17, and PwC are here to help. To plan for the future and to grasp the opportunities for your business, you can arrange to talk to one of the PwC experts. Click here or call (01) 792 6000