Finian McGrath
Ceist:311. Deputy Finian McGrath asked the Minister for Jobs, Enterprise and Innovation if he will target assistance to the local small and medium enterprises sector in relation to job creation. [50448/13]
Amharc ar fhreagraTuesday, 26 November 2013
Ceisteanna (311)
Freagraí scríofa
The Government recognises the jobs challenge facing Ireland at this time, most particularly for small and medium sized business. SMEs make up over 99% of businesses in the enterprise economy in Ireland and account for almost 70% of people employed. That is why within the Action Plan for Jobs process Government has ensured that there is a particular focus on supporting small businesses and work will continue with this focus in the context of the Action Plan for Jobs 2014.
The Deputy will be aware that significant progress has been made in a number of areas, including improving access to finance through the credit guarantee scheme and the microenterprise loan fund scheme; tackling the issue of late payments through the transposition of the EU Late Payment Directive into Irish legislation; development of a single licensing application portal; reform of the County Enterprise Boards through the establishment of new local enterprise offices; and improving access to examinership for small companies through the Companies Bill.
The Action Plan 2014 will seek to build on this progress and is set to deliver a further suite of actions to support enterprise. SMEs will continue to be a key focus. In addition to work under the Action Plan for Jobs, further measures to support SMEs were recently announced in Budget 2014, which include: retention of the 9% VAT rate for the hospitality sector – to support and encourage growth in small businesses in the tourism sector; capital gains tax relief to encourage investment in new business; removal of the employment and investment incentive from the higher earners restriction, to incentivise higher levels of investment in SMEs; increasing the threshold for the credit review office from €500,000 to €3 million; supporting cash-flow in the small business sector by increasing the VAT cash threshold from €1.25 million to €2 million; and a package of improvements in the R&D tax credit aimed particularly at small Irish companies.