Frances Fitzgerald
Question:58 Ms F. Fitzgerald asked the Minister for Finance if he will extend tax free status to attract international music publishers to the Financial Services Centre, Dublin, and to Shannon.
Written Answers. - Incentives to International Music Publishers.
There is no exemption from corporation tax for the profits of companies located in either the International Financial Services Centre — IFSC — in Dublin or in the Shannon Airport zone. However, the special low corporation tax rate of 10 per cent is available to such profits subject to certain conditions.
International music publishing would not qualify for the 10 per cent rate in the IFSC because it is not a financial service, nor a service ancillary to a financial service. However, it could qualify for the 10 per cent rate in the Shannon Airport zone if the relevant conditions, particularly in relation to employment, contribution to the use and development of the zone, etc. are met, and an operating licence has been granted by the Minister for Enterprise and Employment. In that regard, an application with full details may be made in the first instance to Shannon Development.