Ray Butler (Meath West, Fine Gael)
Link to this: Individually | In context

Question 136: To ask the Minister for Finance when he expects to sign the commencement order for the employment and investment incentive scheme; and if he will make a statement on the matter. [7646/11]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

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 of the new incentive were set out in Section 33 of Finance Act 2011. The new incentive is subject to the approval of the European Commission. 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 forthcoming and therefore I am not in a position to indicate when the Commencement Order bringing the EII into operation will be signed.