Dáil Éireann Debate, Thursday - 16 November 2017
62. Deputy Peter Burke asked the Minister for Finance further to Parliamentary Question No. 34 of 10 October 2017, if an application for a Revenue Commissioners EII grant by a company (details supplied) in County Longford can be expedited; and if he will make a statement on the matter. [48515/17]
Amharc ar fhreagraI understand from Revenue that all applications in relation to the Employment and Investment Incentive (“EII”) are dealt with in date order.
The entitlement to relief under the scheme is determined after a company, which is a small or medium sized company, has issued shares to a qualifying investor. I am advised by Revenue that while they provide what is known as “outline approval” to companies there is no requirement for a company to obtain outline approval prior to issuing shares. Therefore, the absence of outline approval does not prevent a company raising capital. The conditions for the relief are objective, set out in legislation and subject to detailed Revenue guidance. If the company meets those objective criteria, it can raise the financing with confidence that relief will be available.
In addition, Revenue has advised me that outline approval is where Revenue is prepared to express the opinion that, based on the information provided, relief under EII is likely to be available for an investment in a company. It is based on the information provided and as such, does not come with any caveats other than reminding companies that actual entitlement to relief cannot be determined until such time as the shares are issued.
The company referred to by the Deputy applied for outline approval on 18 August 2017. I understand that Revenue is currently processing applications received at the start of August. The circumstances outlined in relation to the company are similar to the circumstances that all companies who are looking to raise funding to which EII funding are in. As companies that are looking for outline approval generally express urgency, it would be unfair on those other companies to expedite the application by the named company.
