Irish government's boost to small firms

News Article - 24 May 2012
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The Irish government is equipping the country's small businesses with €272 million (£183 million) in a bid to boost research and development (R&D) and foster entrepreneurship in the nation.

As part of the budget package, a number of reforms have been outlined, including the enhancement of the business expansion and seed capital schemes, according to the European Union's community research and development information service.

"These changes will tackle the difficulties faced by small businesses in raising capital to pursue entrepreneurial risk-taking," commented Micheal Martin, minister for enterprise, trade and employment.

The measures could affect Ireland's 250,000 small businesses which employ 800,000 workers.

Mr Martin added that nurturing the growth of enterprises in the country was integral to the long-term success of the economy.

Improvements to the R&D tax credit system have also been proposed within the package, including increasing the period of tax benefit for gradual R&D from three to six years.

It was also recently announced that the foreign accounts of Irish people will be investigated as part of an inquiry to ensure accountholders are declaring their full incomes, the Belfast Telegraph reports.

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