Serial entrepreneur to speak at NovaUCD open morning
Internet entrepreneur Ray Nolan will be guest speaker at NovaUCD on 23 March.
Finance Bill extends tax exemption to start-ups
05.02.2010
In the Finance Bill announced yesterday the existing scheme of tax exemption on the income and gains of new start-up companies over the first three years of operation was extended to certain companies who commence to trade in 2010.
Minister for Finance Brian Lenihan TD signed the commencement order for the tax exemption for new start-up companies on 15 December last. The exemption was first announced in the Budget in October 2008.
Section 31 of Finance (No.2) Act, 2008 provides that a three-year exemption will apply to these companies who have a tax liability of less than €40,000 per year by reducing this liability back to nil. Marginal relief will apply where the tax liability is between €40,000 and €60,000 and but no relief will apply once the liability exceeds €60,000. In short, the exemption will apply to companies who have a taxable profit of around €300,000.
The Department of Finance has confirmed that it will extend the exemption to companies that commence a new trade in 2010.
Among the conditions to be satisfied in order to qualify for exemption:
- The company must be incorporated on or after 14 October 2008
- The company must commence to trade during 2009
- The trade must be a new trade
- Professional services companies cannot qualify for exemption.
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