Dáil Éireann Debate, Tuesday - 28 February 2017
257. Deputy Michael McGrath asked the Minister for Finance to set down the tax expenditure associated with the employment and investment incentive in 2016; the number of jobs supported; and if he will make a statement on the matter. [10383/17]
Amharc ar fhreagraI am advised by Revenue that it is currently not possible to provide a definitive figure for the cost of the Employment Investment Incentive (EII) scheme to the Exchequer for 2016, as all of the relevant returns for that year have not yet been collected. However, based on uptake to date, Revenue estimate the cost of the scheme for 2016 to be in the region of €32.5 million. This cost relates to capital raised of approximately €108 million by qualifying SMEs and does not take into account any payments of additional relief in respect of investments made in 2013.
In order to qualify for the additional relief, the company must have increased the numbers employed over the four year holding period or have spent the capital raised on research and development. Returns outlining the employment created over a four year period have only been made to Revenue in respect of the companies who availed of EII relief in 2012. In respect of those companies, it is estimated that approximately 230 additional employments have been created. Information for 2013 onwards will only be available in subsequent years.
