Tom Fleming (Kerry South, Independent)
Link to this: Individually | In context | Oireachtas source

77. To ask the Minister for Finance the take up of the employment and investment incentive and seed capital scheme; the number that have availed of same; his plans to incentivise potential employers and businesses to dramatically increase the demand for this scheme which has much potential for job creation. [20787/13]

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

The Employment and Investment Incentive (EII) and Seed Capital Scheme (SCS) commenced on 25 November 2011. Prior to this the Business Expansion Scheme (BES) was in operation. For the year 2012 the estimated cost to the Exchequer for the EII was €4m in respect of €13.4m invested by 376 investors. The cost of the BES scheme was €12.9m in respect of €31.5m invested by 984 investors and the cost of the SCS was €1.2m in respect of €3.2m invested by 58 investors.

In the recent Budget I announced a 10 point tax reform plan to help small business. One of the measures in this plan is the extension of the EII and SCS from their current expiration date of the end of 2013 to the end of 2020 in order to provide certainty to investors and companies. As these schemes are state aid schemes, the approval of the European Commission is required. In addition, I also announced the inclusion of hotels, guest houses and self-catering accommodation in the EII, subject to certain conditions.

The Government’s commitment to this 10 point plan is reinforced in the Action Plan for Jobs 2013. The scheme has also been publicised by the Revenue Commissioners in a leaflet entitled “Supporting Job Creation and other Enterprise Supports” and by the Department of Jobs, Enterprise and Innovation in a leaflet entitled “Financial Support for Irish Business”.