How BUDGET 2012 measures will boost job creation in Wexford

Budget 2012 will help with the creation of jobs and make it easier for people to start a business  in County Wexford.
This has been achieved by introducing incentives for R&D, exports and start-ups and other key mechanisms that Minister Noonan has put in place.
  • We will protect the rate of income tax as a low direct tax is proven to support jobs.
  • We will continue the corporate tax exemption for start-up companies for the next three years as most jobs are created by new companies.
  • We have introduced a Foreign Earnings Deduction for companies exporting to the BRIC countries of Brazil, Russia, India, China and South Africa.
  • We have continued commitment to the 12.5% corporate tax rate.

Both The Foreign Earnings Deductions and the Corporate Tax rate will have a direct impact on export related business from Rosslare.

 

Other enterprise schemes that will promote business growth in County Wexford are The Temporary Partial Loan Guarantee Scheme.

The Temporary Partial Loan Guarantee Scheme

This week Minister Bruton announced a tender for an operator of the loan guarantee scheme. There will be a provision of €450 million of new lending over 3 years. Once this is in place it will be easier for start-ups and small companies to get credit who are having trouble in two particular areas. This will benefit over 5,000 businesses.

1. Insufficient collateral

2. The lender can’t carry out a proper assessment because of lack of knowledge of this business area.

Micro Loan Finance Scheme

This will provide loans for start-up companies. There will be an initial investment of €10 million, and €100 million will be invested over a 10-year period that will support 5,000 businesses.

In January Richard Bruton will also announce the Action Plan for Jobs.

If anyone has any queries in relation to the business sector and how it will be affected by the Budget, please contact my office in Enniscorthy (053) 9243558 or send me an email paul.kehoe@taoiseach.gov.ie.

Minister Paul Kehoe TD

Government Chief Whip & Minister of State

Share