SURE Means Refunds For Start-Ups
14th May 2015
The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, and the Minister for Finance, Michael Noonan TD, today unveiled SURE – a tax refund aimed at encouraging more people to start up businesses.
The ‘StartUp Refunds for Entrepreneurs’ allows entrepreneurs obtain a refund from the Government of up to 41% of the capital they invest in starting up a business.
The SURE scheme operates as a refund of income tax paid by the person starting the business in the six years prior to the business being started. All income tax paid in those six years can be claimed as a refund under the scheme, subject to an overall limit of 41% of the total investment in the business. SURE will be targeted particularly at encouraging people in PAYE employment, unemployed people and retired people to start their own business.
Launching the scheme today, Minister Bruton said: “Two thirds of all new jobs across the economy are created by start-ups in their first five years of existence, and that is why we are putting in place a range of new measures specifically aimed at encouraging more people to start their own businesses. In Ireland we have great start-ups, we just don’t have enough of them. Through SURE, the Government is directly offering cash to people who are considering starting their own business, up to a value of 41% of their total investment. We are determined to ensure that as many people as possible are aware of this generous scheme so that more people start businesses and help create the jobs we need”.
According to Dublin Chamber CEO Gina Quin: “Jumping from the stability of PAYE employment to the uncertainty of starting a company can be intimidating. Government needs to focus on progammes that remove barriers so those capable of building their own business and creating jobs, which SURE and the online tool help with.”