Report gives positive forecast for Irish SMEs

A survey carried out by Amarach research for AIB shows that three-quarters of Irish tech firms expect to take new staff on board this year.

Optimism in the SME tech sector is currently running high, with 7 out of 10 companies posting an average increase in turnover of 30 per cent over last year.

Further sectoral growth is anticipated, with 6 out of  10 companies now looking beyond Ireland for their main market.

Encouraging growth

Though the sector currently employs around 30,000 people, Edel Creely, Chairperson of the Irish Software Association, believes that certain measures must still be taken as a matter of urgency if the tech industry is to realise its full potential.

‘Firstly, investment could be increased through more meaningful roll-over tax relief for entrepreneurs to encourage reinvestment into Irish start-ups and growth companies.

‘Another favourable change would be extending and improving the Employment Investment and Incentive Scheme (EIIS) by introducing a risk-sharing model targeted at a wider group of new investors.

‘And the current capital gains tax regime and the tax treatment of employee share options are not favourable to Irish companies, therefore more favourable risk reward models should be explored as a matter of urgency.’

 

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