The Family Business Network, an organisation representing Irish family firms, has called on the government to introduce time-limited grants, reduce employer PRSI and extend the tax warehousing scheme in its Budget submission. 

Citing increased energy costs and the uncompetitive taxation issues for indigenous businesses, the group is also requesting a reduction in the VAT rate on energy bills for businesses, the lowering of the Capital Gains Tax rate, and reform of the KEEP system. 

Family businesses employ close to one million people in Ireland, according to FBN, and there is a risk of many going out of business this winter due to escalating energy costs, increased inflation and rising employee wages, potentially triggering a recession. 

FBN also believes that a commission to review public expenditure, similar to the commission on welfare and taxation, should be implemented before any tax increases are enacted, as the group believes that resources could be better spent in the provision of affordable childcare. 

John McGrane, executive director, commented: “We urge the government to introduce targeted measures such as a time-limited energy grant and a commercial rates waiver to help reduce the rapidly rising costs of doing business. 

In Association with

“These measures in the upcoming budget will be vital if family businesses are to weather a winter of crippling inflation.

"While addressing today’s challenges, it's also vital that we seize the opportunities to make Ireland the best small country in the world to establish and scale-up a family business.

“Cutting Capital Gains Tax and reforming and replacing the commercial rates system are key steps in unlocking the long-term economic potential of family businesses in Ireland,” McGrane added.