Entrepreneur's capital gains relief welcomed by software industry

Minister Noonan's announcement of a capital gains tax relief for entrepreneurs who re-invest the sale of assets in new ventures has been welcomed by the software industry.

Entrepreneur's capital gains relief welcomed by software industry

Minister Noonan's announcement of a capital gains tax relief for entrepreneurs who re-invest the sale of assets in new ventures has been welcomed by the software industry.

The 50% tax relief will bring Ireland in line with other countries like the UK who already offer such incentives, and should be extended for the next ten years, the Irish Software Association claims.

The measure is one of a series of announcements in the budget targeted at encouraging new businesses.

"It is a welcome adjustment in Budget 2014 and the Government should commit to maintaining this scheme for at least 10 years," said Edel Creely, chair of the ISA.

"The Irish tech sector is flourishing. Almost eight out of 10 indigenous IT companies plan to hire over the next three months, while 85% see overall revenues increasing as a result of increased international business, as Irish IT companies continue to scale globally."

The Association represents more than 160 digital technology companies, and estimates the industry contributes €1.8bn to the Irish economy.

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