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Employment Investment Incentive Scheme

Dáil Éireann Debate, Tuesday - 13 November 2018

Tuesday, 13 November 2018

Questions (180)

Peter Burke

Question:

180. Deputy Peter Burke asked the Minister for Finance further to Parliamentary Question No. 34 of 10 October 2017, the timeframe for small businesses to be approved by the Revenue Commissioners for the employment investment incentive, EII, scheme; if he will address the delay for a company (details supplied) in County Longford; and if he will make a statement on the matter. [46779/18]

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Written answers (Question to Finance)

I am advised by Revenue that the company referred to applied for outline approval on 18 August 2017, which was approved on 4 December 2017. An EII1 Application was then received from the company on the 11 May 2018. Additional information and clarifications were sought from the company from 1 August to 22 October. The company received an answer from Revenue on 9 November.

The Deputy will note that, in Finance Bill 2018, I have moved to change the administration of EII to a self-certification model. Under this model, a company will be able to self-certify that it complies with the conditions of the relief applicable to the company, while investors will self-certify that they meet the conditions of the relief applicable to the investors. In this way, companies and investors will not have to wait on Revenue’s certification before claiming relief.

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