Mary Coughlan
Question:66 Miss Coughlan asked the Minister for Finance if he will include fish farming as an additional category under section 255 of the Finance Act, 1967; and if he will make a statement on the matter. [5428/95]
Written Answers. - Fish Farming Legislation.
I do not intend amending section 255 of the Income Tax Act, 1967 to include structures used for fishfarming. To bring such structures within the meaning of section 255 would constitute an extension of the system of capital allowances to a new area. This would narrow the tax base and would involve extra cost for the Exchequer.
It should be noted, however, that fishfarming activities are eligible for the reduced 10 per cent rate of corporation tax. Also, capital allowances are available in respect of the plant and machinery used in the course of such a trade at the rate of 15 per cent per annum. Thus, it can be seen that very generous tax incentives already exist for fishfarming activities in the State.