Written answers
Thursday, 21 July 2016
Department of Finance
Tax Relief Costs
Niall Collins (Limerick County, Fianna Fail)
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152. To ask the Minister for Finance to provide in tabular form the cost of introducing a scheme in 2017 to incentivise start-ups whereby an income tax credit applies at the following levels 20%, 25%, 30%, 35%, 40%, 45%, 50%, 55% on investments in new start-up businesses less than two years old with fewer than 25 employees and gross assets of less than €200,000; and if he will make a statement on the matter. [24144/16]
Michael Noonan (Limerick City, Fine Gael)
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The proposed scheme for investments in certain start-up businesses less than two years old is similar to the Employment and Investment Incentive (EII), which is available to all small and medium companies less than seven years old, and certain older companies. The EII provides an income tax relief of 30% up front, and a further 10% after three years, if conditions relating to employment or R&D are met.
I am informed by Revenue that tax returns do not provide the information necessary to estimate the cost of introducing the scheme outlined by the Deputy. In particular there is not sufficient data available to identify businesses who would qualify for investment under the scheme or the number of income taxpayers or level of investment such a scheme would attract.
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