Written answers

Wednesday, 5 October 2005

9:00 pm

Breeda Moynihan-Cronin (Kerry South, Labour)
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Question 146: To ask the Minister for Finance his plans to review the operation of the tonnage tax under which certain shipping operators can opt to pay a notional tax based on tonnage rather than standard corporation tax; the number of vessels that currently qualify and the amount of tax foregone; his plans to impose any conditions on companies opting for this system, such as a requirement to employ crews on an acceptable level of payment and conditions; and if he will make a statement on the matter. [26637/05]

Photo of Brian CowenBrian Cowen (Laois-Offaly, Fianna Fail)
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Tonnage tax was introduced here in the 2002 Finance Act to help the Irish shipping sector. Tonnage tax now applies in most maritime EU member states and it is encouraged by the EU Commission as a means of retaining shipping business in the EU. The operation of this tax is at present being reviewed by my Department, the Office of the Revenue Commissioners and The Department of Communications, Marine and Natural Resources.

The number of ships in tonnage tax as of September 2005 stands at 44. The ships are spread across 18 companies in four groups.

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