Drinks Ireland Reacts To Drinks-Related Budget 2020 Announcements
Commenting on the changes introduced to the Employment and Investment Incentive (EII) Scheme in Budget 2020, head of Drinks Ireland | Spirits Vincent McGovern said, "Drinks Ireland | Spirits welcomes the announcement of changes to the EII scheme in Tuesday's budget. These changes, which result in the full income tax relief being provided in the year of investment, the annual investment limit for the incentive being increased to €250,000 and, in particular, provide for a new €500,000 annual investment limit for those investors who are prepared to invest in the scheme for ten years or more, are welcome.
"Drinks Ireland | Spirits believes that these changes will help smaller distilleries as they recognise the fact that they are not the same as other small companies and that the practicalities of setting up a whiskey distillery are different."
Excise Relief Production Ceiling Increase
Meanwhile, reacting to the excise relief production ceiling increase in Budget 2020, head of Drinks Ireland | Beer Jonathan McDade said, "Drinks Ireland | Beer welcomes the increase in the excise relief production ceiling for microbrewers announced in Budget 2020, which increased from 40,000 hectolitres to 50,000 hectolitres per annum. This means that a microbrewer can get an excise rate relief of 50%, if it produces less than 50,000 hectolitres of beer per annum. This includes a ceiling of 30,000 hectolitres for domestic sale.
"This measure will assist microbreweries with ambitious expansion plans, particularly those looking to increase exports, and could enable international beer consumers to enjoy more craft beer from the Irish market."
© 2019 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.