asked the Minister for Finance whether the Mitchelstown Creamery is exempted from income-tax, or receives any other taxation remissions, as a co-operative enterprise; and if so, whether he will state what difference there is between its organisation and activities and those of any other joint stock company in the country.
Ceisteanna—Questions. Oral Answers. - Mitchelstown Creamery.
As regards the first part of the question, any society registered under the Industrial and Provident Societies Act, 1893, is, subject to certain conditions, entitled to exemption from income-tax under Schedules C and D. The profits or surplus arising from the trading with its own members of any such society is exempt from corporation profits tax.
The second part of the question appears to be based on a misconception since societies registered under the Industrial and Provident Societies Act are not joint stock companies.