• Significantly increase the €100,000 or 15% limit on qualifying outsourced expenditure to Third Level Institutions and the restrictions on outsourcing to related parties

• Both any OECD GLOBE agreement and any changes to the US GILTI or SHIELD will have to be studied carefully to ensure the R&D tax credits benefits can be maximised under any new global regime.

• A pro-forma R&D tax credit should be introduced to help smaller firms overcome administrative costs.

• Ibec supports a move to a territorial system of taxation for Ireland on the basis that there are many wide-reaching policy benefits of such a move

• Accelerated capital allowances should be introduced for advanced manufacturing and should include investments in computerised and computer aided machinery and robotics.

• Good practice in recent years has seen the Department provide roadmaps and feedback statements of great value on the direction of Corporate Taxation. The same should be given for SME taxation outlining a series of changes over a three-year time horizon to include changes in CGT, EIIS and other tax measures

• Increase the lifetime limit on capital gains entrepreneurs’ relief to €15 million and expand the relief to passive investors in areas with high growth potential.

• The EIIS is an important scheme for the sector. It should be maintained and further improved by increasing annual investment limits and implementing the recommendations of the Indecon review to allow losses on EII investment for CGT purposes and any capital gains on the sale of shares taxed as capital gains rather than as income.