Quick Links  
 

Login

  You are here >   Tax Policy and Practice > Irish Tax Policy > The Role of the Professions

Building Ireland’s Future – The Role of the Professions

 

As part of a major information campaign on the contribution of the professions to Ireland, the Institute, in collaboration with ten other professional bodies, has produced a 76-page report titled Building Ireland’s Future – The Role of Professional Bodies.

The report features newly commissioned research from the professional bodies which highlights the very strong sentiment amongst 50 multinational companies towards professional qualifications and standards.  A survey of senior executives at 50 multinational companies in Ireland, undertaken by Behaviour & Attitudes from 26 April to 9 May 2018, found that professional skills and expertise emerged as the single most important factor when choosing a professional service provider in Ireland, on an entirely unprompted basis.

Professional qualifications were viewed by the vast majority of multinational companies as inspiring trust (88%) and providing confidence in standards (94%) when recruiting or hiring services. The majority of respondents considered professional body membership/professional qualification (70%), internationally recognised qualification (60%) and availability of professionally skilled people (82%) to be important factors when making recruitment/investment decisions.

The report has been submitted to the Minister for Finance and the professional bodies will be jointly engaging with Government, members of the Oireachtas and other relevant stakeholders on this issue.

The trust and confidence in Ireland’s professional bodies is built on their ability to make extensive investments in their regulatory regimes, independent complaints processes, lifelong learning programmes and international alliances. All of this is built on the foundations of a solid membership model that cross-subsidises the many and indeed necessary activities that enable the bodies to give assurances of high standards practised by Ireland’s professions.

In light of the hugely important role played by professional bodies and their members, the report highlights the need to review the tax treatment for professional subscriptions as previously provided for under the Taxes Consolidation Act 1997.

Read the report in full.