Self-employed debt warehousing Singh

Self-employed debt warehousing Singh

Minister Paschal Donohue announced a number of measures to support the SME sector through pandemic.

He said the debt warehousing system was being expanded to allow self-employed taxpayers to defer payment for up to a year without applying interest.

The 3% rate will be applicable thereafter and there will be no surcharge.

The provision will be expanded to include the 2019 balance and the 2020 primary tax.

Based on the steps presented in Stimulus in July, the Minister directed his department to coordinate a group consisting of representatives from Business, Enterprise, Innovation, Enterprise Ireland, the Irish Strategic Investment Fund and the European Investment Fund.

He said the group would report to him by the middle of next month on proposals to set up an equity fund with an order to utilize European capital and invest in domestic and high-end innovation ventures.

Pashal Donoho said the Ireland Strategic Investment Fund (ICF) is providing $ 30 million in funding to support an appropriate and effective plan, which will use the appropriate funding for initial seed and growth capital.

“Furthermore, as part of the ongoing process to ensure that our business support continues to be efficient and responsive, my department will begin this year with an assessment of how to improve the employment and investment promotion plan in light of the impact of the current crisis, the Minister said.

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