SME's, Start-ups and R&D central to Finance Bill. | EoghanMurphy.ie

Yesterday the Government published the Finance Bill 2012. The Bill gives effect to the taxation measures announced in last December?s Budget. The Bill has left Income Tax untouched and, as promised in the Programmes for Government, there is an increase in the rate of Mortgage Interest Relief which has risen to 30% for first time-time buyers who purchased homes between 2004-2008 (which should benefit 270,000 purchasers). Another key commitment sees an increase in the Universal Social Charge exemption threshold from ?4,004 to ?10,036 which will benefit 330,000 workers.

It also includes a number of measures that I think are particularly good, including:

• Measures designed to support job creation and enhance the attractiveness of Ireland as a destination for multinational companies.
• Measures which aim to support SME?s and indigenous companies by recognising areas with the best employment potential.

These include:

• Foreign Earnings Deduction to support companies that promote Irish exports to countries such as Brazil, Russia, India, China and South Africa.
• Three year Tax Relief for Start-up Companies is being extended to Start-ups who commence a new trade in 2012, 2013 or 2014 ? a great incentive for Irish entrepreneurs.
• Rewarding Research and Development by allowing companies reward key research employees by giving the company the option of transferring a portion of their R&D Tax Credit to personnel who are involved heavily in this area and making it easier for SME?s to claim the credit.

Also:

• Our exports grew by 4.4% in the first 9 months of 2011 and are leading the economic recovery and that the IDA reported record numbers of new investments won in 2011. The Bill is designed to build on this success.
• A ?Special Assignee Relief Programme?, introduced in the Budget to attract key foreign -based individuals to the Irish-based operations of their employers, which this will see specialised individuals bringing their expertise to Irish companies.
• Extending the tax relief for corporate investment in renewable energy generation.
• Improved relief for excess tax on royalties for the Software Industry.

The measures above involve one key area of the economy.

A full copy of the Bill can be found on the Oireacthas website at: http://www.oireachtas.ie/documents/bills28/bills/2012/0512/b0512d.pdf

Posted on February 9, 2012 in Featured

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Source: http://www.eoghanmurphy.ie/2012/02/09/sme%E2%80%99s-start-ups-and-rd-central-to-finance-bill/

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