Minister Donohoe launches public consultation on Employment Investment Incentive
Foilsithe
An t-eolas is déanaí
Teanga: Níl leagan Gaeilge den mhír seo ar fáil.
Foilsithe
An t-eolas is déanaí
Teanga: Níl leagan Gaeilge den mhír seo ar fáil.
The Minister for Finance, Paschal Donohoe TD, has today (Wednesday) launched a public consultation on the Employment Investment Incentive (EII).
Conscious that the pandemic has affected private investor confidence, and, in turn, the flow of available private equity investment into Irish companies, Minister Donohoe now invites interested parties to make submissions on how the EII might be further enhanced to take account of the changing business environment.
The Minister invites interested parties to make submissions on:
Minister Donohoe said today:
“In my Budget 2021 speech I committed to engaging with stakeholders on the future of the Employment Investment Incentive before the end of the year. Today I am happy to launch a public consultation process with the intention of listening to the views of investors, businesses and employers as to how EII can be enhanced in light of the impact of the current crisis.”
How to Respond
Submissions (in writing) should be made by email to: EIIconsultation@finance.gov.ie
When responding, please indicate whether you are a business, business professional, adviser, representative body or member of the public.
Submissions should be made no later than close of business on Friday, 12 February 2021.
The consultation process is open from today 23 December 2020 until 17:00 12 February 2021. Any submission received after this date may not be considered. All submissions received will be evaluated and a period of further direct interaction with stakeholders is planned for during Q1 2021.
ENDS
Notes for Editors
The Employment Investment Incentive (EII) is a tax incentive initiated in 2011 providing tax relief of up to 40% in respect of investments made in certain corporate trades. The main objective of EII is to provide SMEs and start-ups with an alternative risk-based source of funding and to support the creation and retention of employment in SMEs across the economy.
In 2018 and 2019, substantial changes were made to the scheme and associated legislation. These included the introduction of a self-assessment administration model; full income tax relief (40%) being provided in the year in which the investment is made and an increase in investment limits.
The main features of the incentive include:
Interested parties are invited to make submissions regarding:
In answering the consultation questions, respondents are asked to keep in mind the need to ensure that any proposals are consistent with EU State aid rules and the principles of the Department of Finance Tax Expenditure Guidelines , as follows:
Submissions will be subject to the provisions of the Freedom of Information Acts. The Department may receive requests for any or all information supplied as part of this process. Parties should also note that responses to the consultation may be published on the website of the Department of Finance in full.
Submissions (in writing) should be made by email to: EIIconsultation@finance.gov.ie
When responding, please indicate whether you are a business, business professional, adviser, representative body or member of the public.
The consultation period runs until 17:00, 12 February 2021.