Michael McGrath (Cork South Central, Fianna Fail)
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Question 49: To ask the Minister for Finance if approval given by Fáilte Ireland to a company (details supplied) of Development and Marketing Plan under Section 495(6) of the Taxes Consolidation Act 1997 for the purpose of applying for relief under the scheme of relief for investment in corporate trades business expansion scheme can be converted to approval under the employment and investment incentive scheme for tourism; and if not, the options available to the company. [36432/12]

Michael Noonan (Limerick City, Fine Gael)
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I am informed by the Revenue Commissioners that the company in question applied for outline approval to raise investments under the Business Expansion Scheme (BES) on 30 November 2006. As required, a certificate from Fáilte Ireland, dated 23 November 2006, approving the company's three year Development and Marketing Plan was submitted with the application. A letter from the Revenue Commissioners granting outline approval was issued on 14 December 2006. The company did not subsequently make a claim under the BES.

If the company now intends to raise funding under the Employment and Investment Incentive (EII), which has replaced the BES from 25 November 2011, it must submit a new certificate from Fáilte Ireland approving the company's current Development and Marketing Plan to the Revenue Commissioners, together with an application under the EII. EII is a new incentive, different from BES. Certification by Fáilte Ireland is the sole external certification requirement retained in EII. The requirement under EII for a new certificate is appropriate more than five years after the original certificate was issued by reference to a three-year marketing plan and five-year financial projections, each of which now relates to past years.