“Extend tax incentives for business start-ups”

Ó Domhnaill calls for extension to tax incentives for business start-ups

Senator Brian Ó Domhnaill, the Fianna Fáil bye-election candidate for Donegal South West, has called for the current tax incentives for start-up businesses to be extended in the forthcoming budget and growth plan to help boost new enterprise and create additional jobs in Donegal.

There is currently a tax-exemption scheme in place on the income and gains to new start-up companies over their first three years of operation. Calling for this pro-enterprise policy to be extended to companies that start up in 2011, Senator Ó Domhnaill said: “During these difficult times we need to do everything we can to encourage people to get involved in business. Offering incentives to start-ups will help to create local jobs in local communities in Donegal and across the country.”

“Recognising the importance of building up a vibrant micro-enterprise sector, the Government recently allocated additional funding of over €3 million to the national network of County and City Enterprise Boards. A total of €170,000 was awarded to Donegal to help support new and existing start-ups. It is envisaged that this will support 30 jobs. This stimulus was in addition to a €15 million national package allocated at the beginning of the year.”

“I have raised this issue with the Minister for Finance Brian Lenihan. I believe that there are many men and women who have lost their job and may want to start a small business to pursue a passion of their own. They should be encouraged and helped in that process.”

“Earlier this year the Government also announced that it was investing a total of €187 million in high potential start-ups between 2011 and 2016. The money, which will be channelled through Enterprise Ireland, will give early-stage entrepreneurs the capital they need to get their businesses off the ground.”

“Incentivising the establishment of new start-ups and supporting existing ones will help to create additional employment in local communities throughout the county.”

Posted: Nov 17, 2010     |     Categories: Donegal South West