Written answers

Wednesday, 12 January 2011

2:30 pm

Photo of Arthur MorganArthur Morgan (Louth, Sinn Fein)
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Question 288: To ask the Minister for Finance if he will describe the new business investments targeting employment schemes that are replacing the business expansion scheme; the way the two schemes differ; when European Commission approval for the scheme will be received; when the new scheme will be operational; and if he will make a statement on the matter. [45500/10]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Minister, Department of Finance; Dublin West, Fianna Fail)
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As I announced in the recent Budget, the Business Expansion Scheme (BES) is being replaced by the new Employment and Investment Incentive (EII). Under the new incentive, the lifetime limit that can be raised by companies will be increased from €2 million to €10 million, and the amount that can be raised in any twelve month period will be increased from €1.5 to €2.5 million. The certification requirements will also be simplified. Full details for this new incentive will be available in the forthcoming Finance Bill. The new incentive will become operational once the approval of the European Commission has been received. Pending the receipt of this approval, the existing BES will continue to operate.

It is not possible to stipulate when the approval of the European Commission will be received. However, it is hoped that a favourable decision will be made in as short a time-frame as possible.

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