Written answers

Tuesday, 13 December 2005

11:00 pm

Photo of Jack WallJack Wall (Kildare South, Labour)
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Question 70: To ask the Minister for Finance the revisions he may consider to the section 481 scheme for investment in film production here; the reasons these revisions may be required; if he will extend section 481 relief beyond the end of 2008; and if he will make a statement on the matter. [34889/05]

Photo of Brian CowenBrian Cowen (Laois-Offaly, Fianna Fail)
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Amendments to tax provisions, such as the section 481 scheme for relief for investment in film production, are matters for the annual budget and Finance Bill and it is not my practice to comment on any possible future amendments to the tax code outside of that context. However, as evidenced by the announcements I made in budget 2006 last week, I intend to keep various incentive provisions of the tax code under review to ensure that tax incentive schemes are effective in achieving their objectives, in balance with the principles of efficiency and overall tax equity. This approach applies equally to the section 481 scheme.

In budget 2004, my predecessor announced an extension of the tax relief for film production for a further period of four years from 31 December 2004 to 31 December 2008, and an increase in the ceiling per film to €15 million from 2005.

Photo of Eamon GilmoreEamon Gilmore (Dún Laoghaire, Labour)
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Question 71: To ask the Minister for Finance the position in regard to his contacts with the EU Commission regarding its preliminary opinion that the stallion tax exemption scheme would seem to constitute an aid that was not compatible with the Common Market; if he has received a final opinion from the Commission on this matter; and if he will make a statement on the matter. [38993/05]

Photo of Denis NaughtenDenis Naughten (Longford-Roscommon, Fine Gael)
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Question 86: To ask the Minister for Finance his position regarding the stallion tax exemption scheme; and if he will make a statement on the matter. [33782/05]

Photo of Brian CowenBrian Cowen (Laois-Offaly, Fianna Fail)
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I propose to take Questions Nos. 71 and 86 together.

I refer the Deputies to my reply to a similar parliamentary question from Deputy Costello on 9 November last, which set out the background to this issue regarding the contacts that have been ongoing with the European Commission. As regards the future of the tax exemption for stallion fees, I announced in my Budget Statement of 7 December 2005 that this provision will be discontinued from 31 July 2008, the same end-date as for various property based tax incentive schemes. A new regime appropriate to the industry will be discussed with the European Commission.

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