Budget 2016 “hits the bullseye for startups, entrepreneurs and jobs”, as it incentivises innovative startups, rewards successful entrepreneurs and makes sure that the jobs that are created will really pay, Minister for Jobs, Enterprise and Innovation Richard Bruton TD said today. He was joined at a post Budget Press Conference by Minister for Skills, Research and Innovation Damien English T.D.
Minister English said: “Ireland’s future economic growth and prosperity will depend in very large measure on our continued investment in science technology and innovation. This investment is all about developing a competitive knowledge based economy and society, driving innovation in enterprise, building human capital and maximising the return on R&D investment for economic and social progress. Over the past number of years Ireland has built up a strong science base which has yielded results in terms of economic and societal impact. In Budget 2016 the Government is building on this success by prioritising the funding available for research, development and innovation. It also aims to maximise the impact of this investment on jobs and on the economy. A new science and innovation strategy under development will provide the roadmap for the next phase of Government investment”.
Among the new pro-jobs taxation measures announced today are:
- Reduced Capital Gains Tax rate of 20% for successful entrepreneurs
- Reductions in the USC affecting middle-income workers and creating jobs
- Income tax credit of €550 for self-employed people, with improvements in future years
- Knowledge Development Box – globally ‘best in class’ and first OECD-compliant scheme,competitive rate of 6.25% on qualifying income, benefits for SMEs, in place from 1st Jan 2016
- Extension of tax relief for start-up companies
- Employment and Investment Incentive scheme to increase availability of investment finance for business – extension of scheme to include all geographical locations, and increase thresholds