asked the Minister for Finance if foreign investors are liable for income tax on dividends from Irish mining shares; and what is the position regarding Irish investors.
111.
Ceisteanna—Questions. Oral Answers. - Income Tax on Irish Mining Dividends.
110.
asked the Minister for Finance if the profits of Irish investors in Irish mining interests are liable for income tax.
I propose, with your permission, a Cheann Comhairle, to take Questions Nos. 110 and 111 together.
Presumably the Deputy has in mind the special provisions of tax law in relation to Irish resident companies engaged in the mining of certain nonbedded minerals. By an Irish resident company, I mean a company incorporated in Ireland and resident here for tax purposes. In the case of a mine which has come into production since 6th April, 1956, the profits are wholly relieved from tax for a period of 20 years from the commencement of trading.
Income tax is not deductible from dividends paid out of relieved profits and accordingly such dividends do not suffer tax in the hands of either Irish or foreign investors.