Written answers
Wednesday, 20 October 2010
Department of Finance
Tax Yield
9:00 pm
Jim O'Keeffe (Cork South West, Fine Gael)
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Question 137: To ask the Minister for Finance the benefits to the economy of the seed capital scheme and the cost to the Exchequer annually since its inception. [37931/10]
Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The Seed Capital Scheme was introduced in 1993 to incentivise PAYE workers to consider starting up their own businesses.
The scheme assists in the creation of jobs through the refund of tax previously paid by the entrepreneur concerned. The scheme can be utilised in tandem with the associated Business Expansion Scheme to facilitate the further raising of capital, from other investors, for the business concerned.
The estimated cost of the Seed Capital Scheme since it was created for all tax years up to and including 2009, the latest year for which figures are available, is set out in the following table:
Seed Capital Scheme
| Year | Cost to Exchequer |
| 1993/94 | â¬0.2m |
| 1994/95 | â¬0.9m |
| 1995/96 | â¬0.8m |
| 1996/97 | â¬2.1m |
| 1997/98 | â¬1.4m |
| 1998/99 | â¬2.0m |
| 1999/00 | â¬1.1m |
| 2000/01 | â¬1.0m |
| 2001 (short tax year) | â¬1.2m |
| Year | Cost to Exchequer |
| 2002 | â¬1.4m |
| 2003 | â¬2.3 m |
| 2004 | â¬2.6m |
| 2005 | â¬1.3m |
| 2006 | â¬1.2m |
| 2007 | â¬2.3m |
| 2008 | â¬1.7m |
| 2009 (provisional) | â¬2.9m |
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