SMALL FIRMS:SMALL FIRMS said last night that there was little in the Budget to reward entrepreneurial activity or promote risk-taking by small business owners.
"The business community is once again seen as a soft touch, with an increase in capital gains tax and a 67 per cent increase in stamp duty on cheques," the Irish Small and Medium Enterprise Association (Isme) said in a statement.
"The decision to increase excise duties, particularly on petrol, is deplorable and will further add to business costs. Taken together with the increase in VAT, inflationary pressures will still be evident in the economy, which will negatively impact on consumer demand."
The rival Small Firms' Association (SFA) said the Budget had "failed to make the strategic alignment that the economy needs at this time".
"This Budget has increased taxes, fails to reduce expenditure and provides for no public sector reform," SFA assistant director Avine McNally said.
"It is particularly disappointing that the Minister for Finance has failed to advance any reductions in public sector numbers while, at the same time, he has increased the tax burden on the small business community."
She said increasing the standard VAT rate by half a percentage point was a missed opportunity to boost consumer spending.