Budget will help accelerate job creation and encourage entrepreneurship – Collins

Fine Gael Cork North West Deputy and member of the Oireachtas Committee on Enterprise, Jobs and Innovation, Áine Collins TD, has welcomed the announcement of Budget 2014 today (Tuesday) which she described as pro-job, pro-business and pro-entrepreneur.

“We have made significant progress in the last two years with 3,000 new jobs now being created every month and an additional 34,000 in employment this year compared to last. The measures contained in this Budget, which is extremely pro-business, will accelerate that job creation and enable our people to get off the Live Register and back to work.

“Among the measures contained in the Budget are ones to support start-ups and help already established business to grow. Of particular note is the income tax exemption of up to €40,000 each year for two years for long-term unemployed people who start their own business, which will incentivise plumbers and electricians who may be out of work to re-examine the possibility of setting up on their own. The home renovation tax incentive scheme will also support people working in these sectors and will act as a massive boost to tax compliant contractors.

“A range of measures have been included to encourage entrepreneurship and to incentivise people to start their own business. Among them are Capital Gains Tax relief to encourage investment in new business, an increase in the VAT cash threshold from €1.25million to €2million, a pilot programme of financial capability supports that will assist 1,000 companies across the country and an additional €3.5million in supports for start-ups and growing businesses through the CEBs/LEOs.

“When encouraging people to set up on their own, we need to ensure that the right supports are in place to point them in the right direction. The Enterprise Ireland budget for next year will help to provide mentoring and management development supports that are so crucial, especially for new entrepreneurs. The aim of the agency for next year is to support 95 new High Potential Start-Up companies with commitments to create 2,100 new jobs.

“The Minister for the Department of Enterprise, Richard Bruton TD, estimates that close to 50,000 new jobs will be created in 2014, following on from measures which are included in Budget 2014. Enterprise Ireland and the IDA aim to support 24,000 new jobs next year and, conservatively speaking, at least another 20,000 additional jobs should be created in ancillary businesses and supply sectors elsewhere in the economy. Added to this, CEBs/LEOs are expected to support the creation of another 4,500 jobs.

“Access to credit is also being addressed through more than €2 billion in non-bank credit schemes for businesses and an increase in the threshold for the Credit Review Office from €500,000 to €3 million. The Action Plan for Jobs will of course continue into next year and I have every confidence that we can continue to create a favourable environment in which jobs can be created by encouraging new businesses and supporting already established ones.”

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