A number of measures are to be introduced as part of Budget 2014 aimed at encouraging people to establish new businesses.

Relief will be given to those who reinvest the proceeds from the disposal of assets on which Capital Gains Tax had previously been paid, according to Minister for Finance Michael Noonan.

The Employment and Investment Incentive will also be changed to allow high earners to invest up to €150,000 a year into businesses.

Meanwhile, a new Start Your Own Business scheme is to be introduced to help those unemployed for at least 15 months to start their own businesses, by offering them a two-year exemption from income tax.

In order to assist cash-flow at SMEs, the cash receipts basis threshold for VAT will be increased to €2 million from €1.25 million on 1 May 2014.

In the area of research and development, Mr Noonan said he would implement the key recommendations of a review on the R&D tax credit.

These relate to the "outsourcing of R&D, qualifying expenditure in relation to the base year and the key employee provision", he said.

In relation to the film industry, Mr Noonan said he was bringing forward the start date of a new Film Relief Scheme by one year to 2015.

The scheme will also be extended to non-EU talent "in order to help attract additional major film productions to these shores".