Deputy John Deasy asked the Minister for Finance the number of applications that were successful under the start your own business exemption from income tax announced in the last budget; and the cost to the Exchequer.
REPLY (sept 17, 2014)
Minister Michael Noonan:
Section 6 of the Finance (No 2) Act 2013 introduced the Start Your Own Business initiative which provides an exemption from income tax for 2 years for individuals starting a new business where the individuals were previously long-term unemployed. The profits of such a business, up to a maximum of €40,000, are relieved from income tax in each year of the first two years of trading. This relief applies to new businesses commencing on or after 25 October 2013 and returns for the first year of trading will not, in general, be submitted until October 2015. Accordingly, there will be no information available to indicate the number of individuals who are availing of the relief until after that date.