The Irish Venture Capital Association have welcomed todays budget stating that measures in this budget continue to enhance the provisions to encourage entrepreneurship and will go some way to address mobility of entrepreneurs, technology, talent and capital.
Speaking to Irish Tech News, the IVCA said that they welcome:
1. A reduction in Ireland’s Capital Gains Tax rate to 10% on the sale of certain qualifying assets, commonly referred to as Entrepreneurs Relief. However, maintaining the cap of €1m will mitigate against entrepreneurs building/scaling a business to a significant size. The Minister has given a commitment to review this cap. Whilst this reduction is a step in the right direction, there is no distinction made between entrepreneurial gains from “innovation activities” and speculative, non-productive gains.
2. A commitment to establish a share based remuneration scheme for SMEs the details of which have yet to be announced.
They also look forward to continuing to engage with the Department of Finance and with Government on applying and enhancing these measures for the benefit of all their portfolio companies.