Food and Drink Industry Ireland (FDII) has launched its Budget 2015 submission, which calls on the government to increase access to finance, lower energy costs and reduce tax.
More specifically, the Ibec group’s report recommends: A food-sector specific fund supported by the Irish Strategic Investment Fund; The re-branding and re-orientation of the Employment and Investment Incentive Scheme (EIIS) scheme; Less restrictions on the entrepreneurial relief for capital gains tax; An initiative similar to the UK’s Seed Enterprise Investment Schemes to support angel investment in start-up firms in the food and drink sector; and fresh consideration of introducing tax incentives for corporate venturing.
FDII Director Paul Kelly said: "The processing sector need to become more competitive and this requires capital to support expansion, the introduction of new technologies and the renewal of existing plants and machinery.
"Current funding options are limited and restrictive. EU State Aid rules, unfavourable commercial lending terms and an absence of venture capital and private venture funding have made it difficult for companies to make the changes needed."
© 2014 - Checkout Magazine by Nathan Evans