Dáil Éireann Debate, Thursday - 16 July 2015
126. Deputy Brian Walsh asked the Minister for Finance if he will provide an update in relation to the provision of approval from the European Commission in relation to the extension of the employment and investment incentive to include the management and operation of nursing homes; and if he will make a statement on the matter. [29985/15]
View answerAs the Deputy is aware, a number of amendments to the EII were announced in the recent Budget:
- The scheme has been expanded to include, subject to certain conditions, medium-sized enterprises in non-assisted areas, the management and operation of nursing homes and to internationally traded financial services as certified by Enterprise Ireland. This will result in an increase in the number of businesses that will be able to qualify for relief under the scheme;
- The amount that can be raised by a company in a 12 month period has been raised from €2.5 million to €5 million. The lifetime limit on the amount that can be raised has been increased from €10 million to €15 million;
- The holding period for shares issued under the EII has been increased from 3 to 4 years; and
- The amount of tax relief available to an investor has been revised in line with the reduction in income tax rates announced in Budget 2015.
As the Deputy has mentioned, the EII is an approved State Aid scheme and, as such, approval must be sought from the European Commission before any of the changes can be commenced. My officials have submitted the application to the Commission in relation to the amendments and are engaged in ongoing discussions with the Commission in relation to the proposed changes. However, at this stage, it is not possible to indicate when the approval of the European Commission will be forthcoming. The amendments will be commenced, as soon as possible, once approval has been received.
