Saturday 9th December 2006 – Minister for Labour Affairs Tony Killeen today said that Budget 2007 will give a welcome boost to the small business sector and encourage greater investment in Research and Development by both indigenous and FDI companies.
“Budget 2007 is one that puts in place the essential strategies that will ensure Ireland’s competitiveness going forward”, Minister Killeen said. The Clare T.D. added, “With over 250,000 small business employing 800,000 people, the Government recognises the important role these companies play in our economy. At a cost of €25 million in a full year, the extension and enhancement of both the Business Expansion Scheme and the Seed Capital Scheme is a welcome step. These schemes are a vital source of seed capital, which is the lifeblood of start-up companies. They foster the development and growth of many Small and Medium Enterprises leading to the creation of quality employment opportunities”.
Minister Killeen also welcomed the changes in VAT registration threshold and corporation tax liability adding that these changes will reduce the administrative and regulatory burden on the sector. The Minister continued, “This Government also recognises the importance of R&D and I believe that the enhancement of the R&D tax credit, estimated at €70 million in a full year, will further incentivise Irish companies to engage in R&D and encourage foreign direct investors to consider Ireland as a good location for their R&D activities.”
“As Minister with responsibility for Labour Affairs, I warmly welcome the changes in income tax which will see some 88,000 people removed from the tax net and assist those who are unemployed to transfer to the active labour market”, Minister Killeen concluded.
- ENDS –
Notes to Editors:
- Minister Killeen is available for interview and may be contacted on 0035387-2525304 or tony_killeen@entemp.ie. Alternatively, please contact Mark Dunphy of Dunphy Public Relations on 0035386-8534900 or media@dunphypr.com. Pics are available on request.
- Mr. Tony Killeen was appointed Minister of State at the Department of Enterprise, Trade and Employment on the 29th September 2004. Political Record: Chairman of the Joint Oireachtas Committee on Education and Science 2002 – 2004. Member Committee on Procedure and Privileges. Former Chair of the Oireachtas Committee on Members’ Interests in Dáil Éireann. Member of the British-Irish Parliamentary Body. Member of Clare County Council 1985 – 1997 (Chairman 1989 – 1991, Vice-Chairman 1987 – 89). Chairman Co. Clare VEC (1991 – 1994). Former National Chairman of Fianna Fáil Councillors Association. Former member of Management Boards of Killaloe and Shannon Community Schools and Limerick R.T.C. Founder member Shannon Status Committee and Chairman 1989 – 1991.
