Paye income tax refunds to encourage business start-ups

The Government says its scheme to help entrepreneurs recover up to 41% of their start-up costs by way of refunds on previous income tax bills will encourage many more people to set up in business and create jobs.

The new scheme, which is called Sure —StartUp Refunds for Entrepreneurs — will help people who were in Paye employment to start their own companies by making it easier to raise the initial investment from banks for their start-ups, Minster for Finance Michael Noonan and Jobs Minister Richard Bruton said at a media launch.

Budding entrepreneurs can get a refund of up to 41% of the capital invested in their new business by way of a “generous refund”.