Vol. 435 No. 1
86 Mr. Callely asked the Minister for Finance his views on the reason the tax refunds for new enterprises, which allows for tax refunds on setting up your own business, has not been successful; the drawbacks of the scheme; and if he will make a statement on the matter.
I do not accept the Deputy's contention that the Seed Capital Scheme has been unsuccessful; it is too early to make a judgement in this regard. The scheme, which is intended to remain in operation for three years, has only been in operation since mid-June.
While it is to be expected that a prudent enterpreneur will ensure that he and his project come within the terms of the scheme before deciding to leave his employment and set up his down business, almost from the announcement of the scheme queries have been received by telephone and in writing regarding the acceptability of various proposals. Already applications for certification of 13 new projects have been received by the industrial development agencies. The first application for refunds in respect of one of those companies was received and processed by the Revenue Commissioners in October and refunds were authorised. It is expected that a number of further refunds will be processed in the near future. This indicates a lively interest in the scheme.
