Incentives aimed at revitalising business
The Revenue Commissioners will be asked to examine the feasibility of introducing a Single Business Tax for micro-enterprises with an annual turnover of less than €75,000.
The incoming Government intends to implement a temporary, partial credit guarantee scheme which, it says, will provide a level of insurance to banks against losses on qualifying loans.
A €100 million “microfinance start-up fund” will provide start-up loans and equity that draws funding from the National Pension Reserve Fund and private institutional funds.
Industry-specific initiatives are also mooted.
* In agri-foods, the Government commits to the prioritisation of a single farm payment system, further expansion and innovation in the dairy and meat sectors, the development of new food businesses, plus the development of a single brand for the Irish agri-food sector globally.
* In tourism, it plans to abolish the €3 travel tax, subject to a deal being agreed with Ryanair and Aer Lingus to re-open closed routes and bring more tourists into Ireland.
The Government will draw up a new National Development Plan for the period 2012-2019 based on traditional exchequer capital spending, plus other resources to be invested from the National Pension Reserve Fund.
The initial priority will be on investment in school-building, non-national roads, healthcare and in job creation.
A “Strategic Investment Bank” will be created, which will become a provider of finance to large capital projects, a conduit for venture capital and a lender to SMEs.
