Dáil Éireann Debate, Tuesday - 18 November 2014
169. Deputy Lucinda Creighton asked the Minister for Finance if he will indicate the timescale for approval from the European Commission to make the amendments to the employment and investment incentive which was announced in budget 2015. [44036/14]
Amharc ar fhreagraAs the Deputy is aware, my Department carried out a review of the Employment and Investment Incentive (EII) and Seed Capital Scheme (SCS) in advance of this year's Budget. Part of that review included a public consultation process. A report on this review was published on Budget Day and is available on the Budget website.
As a result of the review carried out on the EII and SCS, I decided to make some amendments to the schemes in this year's Budget. The EII is being amended as follows:
- The annual company limit is being increased from €2.5 million to €5 million and the lifetime limit from €10 million to €15 million;
- The minimum holding period for shares is being increased by 1 year to 4 years;
- Medium-sized companies in non-assisted areas will be included;
- Internationally traded financial services where certified by Enterprise Ireland will qualify;
- Hotels, guest houses and self-catering accommodation will remain eligible for a further 3 years; and
- The operating and managing of nursing homes will be included for 3 years.
These changes are subject to approval from the European Commission. An application to the Commission for approval will be made shortly, subject to the passing of the Finance Bill by the Oireachtas. It is not possible to provide a timeframe for receipt of the Commission's approval but my officials will be engaging closely with the Commission to ensure that it can be provided as soon as possible. In the interim, the existing incentive will continue to be available to SMEs and investors.
