Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

I wish to put on the record that the independent finding of the external consultants, Indecon, was that the scheme was too complicated. It is now being simplified so it will be easier for companies to apply for a better scheme. This has been made available online by Revenue. To put into context the complexity of the scheme, companies did not even know whether they were able to apply when they read the rules and regulations. The companies themselves found they had to ask Revenue to tell them whether they could apply for the scheme. The Indecon report is very clear that the scheme is too complicated and that if the company itself does not know that it must make a determination on everything, it needs to be simplified. It is now simplified by the self-certification process in order that the companies themselves can know. There are investor conditions. Investors - not just the company, but also the investors in the company - should have no difficulty determining whether they meet the criteria. There is a difficulty with companies and the investors within the company or the scheme and there is a further complexity in respect of the conditions that comply with the general block exemption. There is scope for genuine uncertainty about these conditions on the part of companies. This is why we have provided that companies can apply to Revenue for confirmation on the issues. The scheme is overly complicated. It is being simplified. We are moving down the self-certification route in order that the scheme sees a better take-up now and in the future.

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