The section reproduces with necessary adaptations section 36 of the Finance Act, 1968, which is applicable to both export sales relief and Shannon relief. It provides for the giving of whichever of these reliefs is appropriate in respect of profits from sales between associated companies operating in the State which, apart from such sales, do not sell goods on the home market. It would be a case of one company in the Shannon Airport area and another one outside it being associated in making sales to one another.
SECTION 78.
Question proposed: "That section 78 stand part of the Bill."
In this connection will the Minister give an example of what are non-exempted trading operations?
Section 70 (5) says what is an exempted operation. Anything that is not in that would be non-exempted.
Could the Minister give a practical example in relation to companies trading in Shannon which would qualify and which would be non-exempted?
They can sell on the home market without losing their benefit.
Is that the main thing?
Yes, if they are associated companies.
They allocate so much profit to the home market and so much elsewhere?
It is subject to the proviso that the product does not remain in the country, it must be exported.
Question put and agreed to.