Ray Butler
Ceist:136 Deputy Ray Butler asked the Minister for Finance when he expects to sign the commencement order for the employment and investment incentive scheme; and if he will make a statement on the matter. [7646/11]
Amharc ar fhreagraTuesday, 12 April 2011
Ceisteanna (120)
Freagraí scríofa
The Business Expansion Scheme (BES) is being replaced by the new Employment and Investment Incentive (EII). Under the new incentive, the lifetime limit that can be raised by companies will be increased from €2 million to €10 million, and the amount that can be raised in any twelve month period will be increased from €1.5 to €2.5 million. The certification requirements will also be simplified. Full details of the new incentive were set out in Section 33 of Finance Act 2011. The new incentive is subject to the approval of the European Commission. Pending the receipt of this approval, the existing BES will continue to operate.
It is not possible to stipulate when the approval of the European Commission will be forthcoming and therefore I am not in a position to indicate when the Commencement Order bringing the EII into operation will be signed.