Parliamentary Questions to the Minister for Finance
5th November 2012 - Alan Farrell TD
To ask the Minister for Finance the number of businesses that have availed of tax relief on research and development as outlined in the Finance Bill 2012; the way this compares to 2010 and 2011; if there are available statistics on the benefit of the scheme; if it is due to be increased in 2013; and if he will make a statement on the matter.
REPLY
Minister for Finance (Mr Noonan) : I am informed by the Revenue Commissioners that the total number of companies benefiting from the research and development tax credit for 2010, the latest year available, was 1,172 at an estimated Exchequer cost of €224 million. I should highlight that these are provisional figures.
Corresponding data cannot yet be provided for 2011 and 2012 as the tax returns for those years are either not yet due or are still being processed. Therefore it is not possible to provide the comparison requested by the Deputy.
Regarding the benefits of the current R&D scheme, the purpose of the scheme is to encourage R&D and innovation to be carried out in Ireland with a view to encourage the productive, high value-added sectors of our economy.
Regarding any changes to the R&D tax credit, I am unable to comment at this time, but all options will be considered as part of the regular process for Budget 2013.
Related news
Fine Gael to introduce new scrappage scheme to promote Electric Vehicles - Farrell
Fine Gael is to introduce a scrappage scheme to replace petrol and diesel cars with Electric Vehicles, Deputy for Dublin…
23rd November 2024€3 million spent on public order equipment to protect gardai on the frontline – Farrell
Fine Gael’s Justice spokesman Alan Farrell has confirmed over €3m has been spent in the last 18 months to protect…
28th October 2024Irish Rail told timetable change was nothing short of a disaster – Farrell
Irish Rail CEO Jim Meade was right to admit the timetable change didn’t work, as it was nothing short of…
9th October 2024