Budget 2022: Deloitte comments on supports for entrepreneurs and indigenous businesses

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Budget 2022: Deloitte comments on supports for entrepreneurs and indigenous businesses

Extension of EIIS scheme; broadened range of investment funds; and amendments to the capital redemption window for investors are positive developments

In his Budget address, the Minister recognised the significant contribution made by entrepreneurs and the wider indigenous business community and the role they play as the backbone of our Irish economy. In this context, the amendments announced by the Minister to the Employment Investment Incentive Scheme are particularly welcome to Irish businesses.

Commenting on the changes, David Shanahan, Tax Partner, Deloitte commented:

Previous Budgets have delivered relatively little in the way of substantive support for indigenous Irish businesses. Many scaling Irish businesses are experiencing funding challenges, so it is crucial to ensure there are appropriate supports in place such as the Employment Investment Incentive scheme, which is a vital source of funding as it enables scaling businesses. While details of the expanded scheme will become apparent in the Finance Bill, the extension of the scheme for a further three years, the broadened range of investment funds and amendments to the capital redemption window for investors are all steps in the right direction. There will likely be questions as to whether they go far enough, and indeed there is certainly scope for further positive changes to be made to the scheme and in other areas to support scaling businesses.

That said, the confirmation that an Innovation Equity Fund will launch early next year is also positive, and hopefully a signal of continued support to this critical sector of our economy

 

Ends

Issued by Murray on behalf of Deloitte Ireland

For Further Information Please Contact

Orna Clarke
Murray
01 498 0300
087 677 0360
oclarke@murraygroup.ie

Claire Quinn
Deloitte
087 977 7783
cquinn@deloitte.ie

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