Michael Noonan (Limerick City, Fine Gael)
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The credit is ade minimiscredit. This refers to the state aid guidelines, which hold that if a tax relief is below a certain limit, it does not require approval in advance. The de minimis limit for the fisheries sector per undertaking is €30,000 over any period of three fiscal years. This compares to the de minimis limit of €15,000 over three years for agriculture. This relief will be monitored by the Department of Agriculture, Food and the Marine to ensure it does not breach the relevant thresholds. It will be done through a grant management system that Bord Iascaigh Mhara is developing. Then, on the basis of the commitment given to Deputy McGrath now, the Department of Finance will carry out a review after five years. Given that it is treated as a de minimis measure, it does not fall within the scope of exclusion because of state aid guidelines.