By Chamber Press Office, 04 September 2023
140,000 Dublin commuters need better public transport from Budget 2024
+ Dublin Chamber also calls on Government to introduce a new 20% rate of Capital Gains Tax (CGT) on investments in SMEs
Monday 4th September 2023: Today business group Dublin Chamber has called on Government to use Ireland’s Budget surplus to increase investment in major capital projects such as public transport, energy, water infrastructure and housing next year.
Speaking as Dublin Chamber’s pre-budget submission was launched, Dublin Chamber CEO Mary Rose Burke said: “The impact of those commuting to jobs in Dublin from outside the traditional county lines are continually understated. With 140,000 commuters heading to Dublin for work, the city’s commuter belt in the Greater Dublin Area and beyond needs better public transport – this includes Dart+ and Metrolink, as well as rail and bus projects further from the city in places like Naas, Bray, and Navan.”
"With the continued growth in Dublin and its commuter base, we call on Government to make capital investment a priority in Budget 2024 and subsequent budgets, particularly in projects such as Metrolink, Dart+ and Bus Connects. These public transport projects along with investment in water and abstraction, energy capacity and housing are vital to ensure that Dublin and the wider metropolitan region around Dublin remains an attractive location to live in, to work and to run a business.”
“Housing continues to be a major blockage for recruitment and retention for members. In Budget 2024 need Government to ensure that affordable housing continues to come on stream. Mobilising vacant and underused property is crucial to increasing housing supply. This requires active land management by the Government, including measures to increase the holding cost of vacant, zoned land for residential development, and encourage timely delivery of homes to the market. We welcome the introduction from 2024 of a Residential Zoned Land Tax, but we believe that starting from a low base of 3% taxation may not be sufficient. In Budget 2024 we are calling on Government to introduce a measure that, if after 12 months at 3%, land still remains vacant, that this levy would increase to 6% for the following year.”
Dublin Chamber has also advised the Government to introduce a new 20% rate of Capital Gains Tax (CGT) on investments in small and medium enterprises. Growing Ireland’s indigenous business base will require greater investment in SMEs. Small business are the backbone of the Irish economy and have the largest share of employment. By lowering CGT on investments it will allow investors to view SMEs favourably and help start ups, particularly to access much needed finance in the early stages of their growth. Dublin Chamber has also called for a lower tax rate on investments in Irish SMEs to boost the growth of indigenous enterprise, and the introduction of new measures to help businesses ‘go green’.
-ENDS-
Click here to view Dublin Chamber's Pre-Budget Submission.
For further information, please contact:
Órla Mannion | Public Affairs Manager | Dublin Chamber | orla@dublinchamber.ie
About Dublin Chamber: Dublin Chamber is Ireland’s largest chamber of commerce with over 1,300 member companies. It is the most representative and broadly-based business group in the Greater Dublin Area, providing representation and networking services. Its policy work focuses on developing the Dublin region’s infrastructure & transport, promoting competitiveness, and improving local governance. Dublin Chamber is also one of the oldest chambers of commerce in the world, tracing its origins back to 1782.