The Irish Exporters Association Welcomes Minister Michael Noonan's Budget 2012 - 

 

John Whelan, Chief Executive of the IEA stated:

‘’This is one of the most export promotional budgets we have seen for decades and will go a long way to assisting exporters develop new products and sell services into rapidly growing but distant BRIC markets.’’

He went on to say;

‘’The IEA have been lobbying for several years for a Foreign Earnings Deduction Scheme to support the export drive into the fast growing markets of  Brazil, Russia, India and China and strongly welcomes the announcement in today’s Budget. Also, we welcome the Special Assignee Relief Programme announced as a key measure to ensure the right people are available to deliver the next round of export growth .’’

The IEA also welcomed the following measures announced today for Indigenous industry ;

·     The first €100,000 of R&D expenditure of all companies to be allowed on a volume basis for the purpose of the R&D Tax Credit;

·     Outsourcing of R & D credits -companies will now have the option to use some portion of the R&D credit to reward key employees who have been involved in the development of R&D;

·     The corporate tax exemption for new start up companies extension for the next three years and availability for companies that commence trading in 2012, 2013 and 2014;

·     Smaller companies will also be able to avail of the planned foreign earnings deduction where they plan to expand their export markets into the BRICS countries.

·    Corporation tax relief for start ups

On other general measures announced in the Budget the IEA particularly welcomed;

- No increase in income tax

- Corporate Tax Rate remaining at 12.5%

ENDS

Newsletters Newsroom Suppliers and Services Directory