Business The Budget

Friday 22 August 2014

Overview: The worst is over, Michael Noonan promises

Published 05/12/2012 | 14:44

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Ireland is emerging from its economic crisis, Finance Minister Michael Noonan has declared in this opening remarks of the Budget 2013.

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Giving details of his latest austerity Budget in the Dail, Mr Noonan said the economy was continuing to grow but still had a long way to go.

"There are manifest signs that the country is emerging from the worst of the crisis," he said.

Mr Noonan said Ireland would continue to fulfil the conditions of the EU/ IMF bail-out package so it could return to borrowing money from the international money markets.

The minister said his focus was now on helping small and medium-sized enterprises, which he described as the life-blood of the economy.

- Reforming the three-year corporation tax relief for start-up companies;

- Increasing the cash receipts threshold for VAT from €1m €1.25m;

- Amending the R&D tax credit and extending the foreign earnings deduction for work-related travel to certain countries.

The film industry also received a boost.

Mr Noonan announced that he would extend the section 481 tax relief for movie productions made in Ireland until 2020.

"(It will) enhance the scheme so as to make Ireland even more attractive for foreign film and TV productions," he said.

The section 481 will be reformed into a tax credit model to bring "better value for money and eliminate the need for high-income investors to provide the funding".

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