Stamp Duty Exemption Order Signed

The Minister for Finance, Michael Noonan, has signed an order to make it easier to invest in Ireland's growing businesses by extending an exemption on Stamp Duty.

The order provides an exemption from Stamp Duty on transfers of shares in Irish companies admitted to the Enterprise Securities Market (ESM) of the Irish Stock Exchange. The measure will come into effect on 05 June 2017.

Making the announcement, Minister Noonan, said: "The purpose of the measure is to encourage more investors to back Irish Small and Medium Enterprises, increasing the supply of equity available to SMEs for growth and job creation. It is also our intention that the measure will encourage entrepreneurs and growing businesses to use public equity to raise finances. The cost of the exemptions is estimated at €5m in a full year.

"The Enterprise Securities Market (ESM) is the Irish Stock Exchange's (ISE) market for growth companies. It is designed for small and mid-sized companies, particularly those in the early stages of their development who have specific funding needs. I hope the measure I am introducing will assist SMEs in accessing funding to grow their businesses.

"I'd like to thank the Irish Stock Exchange for the help they have provided in this matter and I am confident that a productive relationship between the ISE and the Department of Finance will have a positive effect on the fortunes of Ireland's businesses and the prospects for job creation in Ireland."

(MH/LM)