New tax refund scheme for start-ups – Minister Coffey

Fine Gael Waterford Minister Paudie Coffey has said a new tax refund scheme aimed at start-ups will help nurture and develop the culture of entrepreneurship in Ireland. Minister Coffey said the new scheme called called Start Up Refunds for Entrepreneurs (SURE), means entrepreneurs will be able to claim a tax refund of up to 41% of the capital they invest in starting their business.

“The refunds obtained under the SURE scheme come from income tax paid in the six years prior to starting their business. All income tax paid in those six years can be claimed as a refund under the scheme, subject to an overall limit of 41% of the total investment in the business.

“The scheme aims in particular to encourage people in PAYE employment, unemployed people and retired people to start their own business.

“We in Waterford have seen start-ups contribute hugely to the economic recovery; with homegrown businesses like, FeedHenry, NearForm, Eirgen Pharma and Eishtec all established and together now employing thousands of people in Waterford and beyond.

“This government is committed to job creation and we will support efforts to create jobs and I would encourage people who are thinking of setting up their own businesses to look at this scheme to assist them, there is more information including an online calculator at www.sure.gov.ie.

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