Scale Ireland welcomes measures announced in Budget 2023, including changes to the Key Employee Engagement Scheme and the R&D Tax credit scheme as well as the new energy supports for businesses.
The independent not-for-profit representative organisation for Irish tech start-ups welcomes the following Budget announcements and looks forward to further clarification in the Finance Bill on these measures:
● The Extension of Key Employee Engagement Programme (KEEP share option scheme) to 31 December 2025 and the raising of the lifetime company limit for KEEP shares €3 million to €6 million per company.
● Facilitation of the buy-back of KEEP shares by the issuing company from employees.
● Implementation of some of the 2019 Finance Act measures covering KEEP including extending qualifying employees and company group structures.
● Launch of further Disruptive Technologies Innovation Fund (DTIF) calls and to continue funding of projects already approved and any subsequent approved projects from calls which are currently underway.
● Introduction of the Temporary Business Energy Support Scheme to help companies.
The CEO of Scale Ireland, Martina Fitzgerald and Chair of Scale Ireland, Brian Caulfield welcomed the budget measures: “The further changes to the KEEP share options and R&D tax credit schemes are positive for start-ups. We look forward to seeing more details with regard to both of these measures, but we welcome the changes in principle’’.
There are currently more than 2,200 indigenous tech start-up and scale-up companies employing almost 55,000 people around the country. For each additional job in the average high-tech firm, five additional jobs are created outside that firm in the local community.
Please contact Noel Rock for more information at 085 704 9415