Supporting SMEs crucial to recovery has been saved
Supporting SMEs crucial to recovery
Commenting on the importance of Small and Medium Enterprises (SME) and the Minister for Finance, Paschal Donohoe’s promise to support the sector, David Shanahan (Tax Partner in Deloitte) noted the following:
The Minister in his speech outlined the importance of the SME sector as a central player in the recovery of the economy in a post COVID world. In recognition of the significant challenges faced by this sector as a result of COVID19, a report is expected to be put to the Minister in mid-November with proposals to establish an equity fund with a mandate to invest in high innovation enterprises. The Minister’s reference to a continued review of the Employment Investment Incentive Scheme (EIIS) is particularly welcome, in light of the continued need to ensure that SMEs can avail of efficient funding to grow business and create employment as we look to the future.
In addition, many SMEs may take some measure of comfort from the Minister’s proposed amendments to debt warehousing to allow the interest free deferral of certain liabilities for the coming year. Supporting the SME sector at this time will be crucial to recovery and will play a large part in helping businesses navigate ongoing uncertainty.
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