Budget 2017 measures to address Brexit

Britain’s decision to exit the European Union will have material impact on some sectors in Ireland. While March 2017 had initially been flagged as the date the exit process was likely to start, the timescale may change after the High Court ruled that the UK Government must get Parliamentary approval before using Article 50.

Given that the UK is one of Ireland’s closest trading partners, the fear remains that Ireland will feel the negative implications the most of all EU countries.

The Department of Finance has outlined the measures included in Budget 2017 which will support the overall economic response to Brexit. The sectors most exposed to the UK are generally comprised of indigenous enterprises that are small in scale, are highly linked to the rest of the economy, have high levels of regional employment, and have relatively low profit levels.

For these domestically exposed sectors, the following measures are being introduced in Budget 2017 to enable these sectors to remain competitive and to trade in diversified markets.

Sectoral Tax Policy Responses:

Mei Ennis is an Assistant Manager in OSK. Contact OSK Accountants and Tax Advisers for further details or vist Getting Ireland Brexit Ready for more. 

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