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Dáil Éireann debate -
Thursday, 24 Jun 1999

Vol. 507 No. 1

Written Answers. - Seaside Resorts Scheme.

Jimmy Deenihan


17 Mr. Deenihan asked the Minister for Finance if he will extend the pilot seaside resort tax incentive scheme in the existing areas for a further three years; and if he will make a statement on the matter. [16089/99]

The seaside resort tax incentive scheme was announced in the 1995 budget and commenced on 1 July 1995. It has been extended on two occasions and is due to terminate on 31 December next. I will not be extending this scheme beyond that date as it has fulfilled its purpose by encouraging a large volume of investment in the 15 designated seaside areas. While no firm estimates of the tax cost are available, it is provisionally estimated at present that the tax cost could eventually be of the order of £200 million or more. However, this figure may have to be revised significantly as more developments are completed.