Micheál Martin (Cork South Central, Fianna Fail)

Many companies have benefited from it and have articulated gratitude. The small business forum, which I established, came up with practical recommendations for small businesses. As a result of that and in consort with my colleague, the Minister for Finance, as the Deputy has graciously acknowledged, significant measures were introduced in budget 2007 which reduced the administrative burden on small business in regard to payment of corporation tax, preliminary tax, and the requirement for a tax clearance certificate by increasing current thresholds which trigger such requirements, and also increasing the VAT on cash accounting and VAT registration turnover thresholds from 1 March 2007 to simplify administration and reduce working capital requirements on small business.

I accept we have to be clear and committed in terms of reducing the regulatory burden. I invite Deputy Hogan to approach me at any stage in the coming weeks or months if he has any specific areas he feels could lend themselves to change. I will have an open door and will give credit where it is due.

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