Chamber News

BUDGET 2018: Housing Initiatives Will Speed Up House Building

Oct 09, 2017

Dublin Chamber has welcomed the Government's suite of measures which aim to speed up the building of much-needed new houses.

The Chamber said that the creation of a new investment fund for housing, combined with increases in the vacant site levy, are important steps in addressing the current chronic housing shortage.

Dublin Chamber said it is vital that the new homes delivered by Home Building Finance Ireland are delivered in the areas where they are most needed.

According to Dublin Chamber CEO Mary Rose Burke: “A transition to a well-functioning housing market will require a step change in Government policy. The measures announced in Budget 2018 are a move in the right direction. Housing is the biggest issue currently facing businesses and workers in Dublin. This has been the case for some time and the crisis shows no sign of abating. We must focus on delivering housing supply where it is most needed. Pressure on the Dublin housing market is growing all the time, with suggestions from some economists that an average of 200 apartments are needed every week in Dublin between now and 2080 in order to meet demand."

Budget Changes Will Help Irish SMEs Retain Top Talent
Improvements made to share-based remuneration schemes in today's Budget will help Irish SMEs keep hold of top talent, according to Dublin Chamber.

The Chamber, a long-time advocate for the introduction of tax relief on share options, said the move will help Irish SMEs to attract and retain key staff in light of increased pressure from both multinationals here and competitors abroad.

Dublin Chamber CEO Mary Rose Burke: "The current system is not tax efficient and puts startups and SMEs at a significant disadvantage to larger, older businesses. The changes mean that employees will only pay tax when they dispose of their shares, rather than when the option is exercised. However, it is disappointing to see that the rate of CGT paid on share disposals will be 33% and not 10%, which is available in the UK."

The Chamber also welcomed the further equalisation of tax credits between PAYE employees and self-employed. Dublin Chamber CEO Mary Rose Burke said the changes were “a modest step in the right direction”

Retaining 9% VAT Rate For All is Fair
Dublin Chamber welcomed the decision to maintain the 9% VAT rate for those operating in the hospitality sector. The Chamber said Dublin businesses had been concerned that a Dublin-only tax was under consideration."

Brexit Loan Scheme a Boost For SMEs
Dublin Chamber said it welcomed the creation of a Brexit Loan Scheme, which will provide funding of €300m to help SMEs prepare for Brexit.

Dublin Chamber CEO Mary Rose Burke said: "Huge uncertainty remains about what Brexit will mean for Irish SMEs. The creation of a Brexit Loan Scheme will give small and medium-sized firms time to put solutions in place and to help with short-term working capital pressures."

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