Set up your company in UK, new accountant boss says
Irish entrepreneurs better off starting up businesses in the UK as long as unfair tax treatment remains, a senior accountant said last night.
Brian Purcell, the newly-elected president of the Institute of Certified Public Accountants in Ireland, said that the unfair tax treatment of Irish entrepreneurs means that they could be better off starting business in the UK or the US.
Mr Purcell called for significant changes to the tax system to improve the incentive for Irish entrepreneurs to take risks.
"Ireland cannot hold itself up as a great country to do business as long as a situation where Irish entrepreneurs are effectively forced to sell their businesses before they have realised their true potential is allowed to persist," he said in his first address to the CPA.
"Where are the next Ryanairs and Glen Dimplexes going to come from if Irish entrepreneurs are penalised by punitive" taxes, he said.
Mr Purcell complained of unequal tax treatment entrepreneurs receive in comparison to their counterparts in the UK and elsewhere.
He called for urgent changes to the high rate of capital gains tax on entrepreneurs in this country.
"In Ireland, you have the absurd situation where the greater the value an entrepreneur adds to a business the more they will owe the government in tax when they eventually come to sell it."