Enigin Update - Energy Efficiency Incentives Untouched in Harsh Irish Budget
IRELAND faced their toughest budget ahead of a huge bail-out from the European Union (EU) and International Monetary Fund (IMF) but the their was some good news amongst the deep financial cuts - tax incentives for energy efficiency.
The Irish Minister for Finance Brian Lenihan announced that there will be a new tax incentive for energy-efficient businesses, in his delivery of the harsh Budget 2011.
Energy efficient equipment saw capital allowances extended.
Lenihan said:
"The scheme of accelerated capital allowances for expenditure by companies on certain energy-efficient equipment is being extended for a further three years to end- 2014."
This is good news during hard times for Ireland's Enigin Distributors, who will feel some relief that their efforts in providing energy efficiency solutions from Enigin to Irish businesses could attract tax incentives.
The Minister made the announcement during his delivery of the specifics of Budget 2011, which was hard hitting and saw a wide range of taxes and cutbacks imposed on the Irish populace.
The Irish government is under pressure to secure an 85 billion-euro bailout as the financial meltdown threatens to prolong the slump in Ireland that has seen the economy shrink 11 percent over the past three years.
Ireland agreed on an aid package from the EU and the IMF after borrowing costs soared on investor concerns over the cost of rescuing lenders including Anglo Irish Bank Corp. would overwhelm the state.
Picture by Hans Peter Bock
