Mr. Mark Horgan:

Within Ireland there is competition between the various asset classes. The Government gives a capital gains tax holiday to property investors. If they buy properties now and hold them for seven years they do not pay capital gains tax on the profits. That does not exist from an entrepreneur’s point of view and in promoting entrepreneurship. People who have the choice between investing in a property or in a business choose the property investment because the tax environment is far more attractive. If a person invests in a business and sells it after five or six years, having possibly created 100 jobs, the profit on the proceeds will be taxed at 33%. The Government's economic policy as set out in Action Plan for Jobs 2014 is misaligned with its tax policy.