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Employment Investment Incentive Scheme Data

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Questions\Written Answers\Employment Investment Incentive Scheme Data

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Employment Investment Incentive Scheme Data

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Minister for Finance (Deputy Paschal Donohoe)

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Minister for Finance (Deputy Paschal Donohoe)

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Paschal Donohoe

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Snippet Contents:

I propose to take Questions Nos. 58 and 59 together.
With regard to the Deputy’s first question on the number of applications for tax relief certificates under the Employment and Investment Incentive scheme (EII) in each year since its creation and in each month of 2018, Revenue have provided me with the following data: 
Table 1: No. of applications for EII Scheme 2012 – 2019
YEARQUALIFYING COMPANIES
201278
2013190
2014239
2015279
2016261
2017 289
2018389
2019178

Table 2: No. of Applications for EII Scheme 2018
MONTHQUALIFYING COMPANIES
January45
February38
March31
April38
May29
June23
July25
August24
September23
October  59*
November 
December54

* The number of applications in October/November is combined. The system of recording was changed and exact figures for the individual months are not available.
With regard to the Deputy’s question on the number of applications awaiting processing and approval, Revenue have provided me with the following data on the number of applications under EII which are currently in progress as of March 2019, the most recent month for which data are available. These figures include applications received to date in 2019.
Table 4: No. of applications for EII Scheme in progress 2019
YEARQUALIFYING COMPANIES
January104
February105
March102

With regard to the Deputy’s question on the average time taken between original application and the final approval, I am advised by Revenue that it is not possible to give an average time taken to issue a decision regarding approval or rejection. Applications received have varying levels of complexity, some will take longer to carry out the level of examination required than others. Equally, where a full application, with all supporting documentation, is received a decision will issue more quickly than a case where additional information and clarifications must be sought.  Currently, over 80% of applications received require follow-on correspondence before a determination can issue.
As the Deputy will be aware, a review of the EII scheme was carried out and substantial changes to the operational design of the scheme were implemented in Finance Act 2018.  The design of the scheme has been amended such that it may now be claimed in the same was as other similar tax reliefs on a self-assessment basis. Accordingly, for all investments in qualifying companies from 1 January 2019 there is no longer a requirement to receive prior certification from Revenue. For investments made up to and including 31 December 2018 Revenue certification is still required.
With regard to the Deputy’s question on the number of outstanding applications for tax relief certificates under EII awaiting processing and approval by the Revenue Commissioners at the end of each month in each of the years 2016 to 2018 and to date in 2019, Revenue have provided me with the following data:
Table 5: 2016 Total Applications Outstanding
MONTHQUALIFYING COMPANIES
January29
February50
March43
April29
May18
June26
July18
August28
September38
October 65
November34
December35

Table 6: 2017 Total Applications Outstanding
MONTHQUALIFYING COMPANIES
January59
February52
March84
April98
May76
June49
July88
August164
September186
October 277
November189
December187

Table 7: 2018 Total Applications In Progress
MONTHQUALIFYING COMPANIES
January226
February251
March261
April289
May294
June281
July293
August300
September257
October261
November124
December115

I am further advised by Revenue that figures prior to August 2017 (Table 5 and Table 6 above) represent unworked items only (i.e. where no processing had yet taken place), while those after August 2017 include items in respect of which a final answer had not yet issued. Therefore, a file was not identified as outstanding in July 2017 where correspondence was sent to a taxpayer requesting more information and that information was still awaited at the end of the month. That file, from August 2017, is identified as an outstanding work item. These changes in the recording of the statistics, which allowed for a more accurate representation of the level of the work outstanding, account for the large spike in the numbers in the latter part of 2017. 
Finally, I wish to advise the Deputy that my Department is continuing to look at the scheme in conjunction with Revenue, and in consultation with other stakeholders, with a view to ensuring that it operates efficiently and effectively.