asked the Minister for Finance the tax reliefs applying to projects which have been approved for licences in the Shannon Industrial Estate during 1987 and 1988; and if he will make a statement on the matter.
Written Answers. - Tax Reliefs.
34.
The main tax relief that is available to companies which received licences from the Department of Industry and Commerce during 1987 and 1988 in respect of new projects in the Shannon Customs-free Airport is that they may qualify under subsection (2) of section 39A of the Finance Act, 1980 (as inserted by section 17 (b) of the Finance Act, 1981) for the 10 per cent rate of corporation tax in respect of the profits arising from qualifying trading operations.
Any companies which received licences from the Department of Industry and Commerce during 1987 and 1988 in respect of trading operations in the Shannon Customs-free Airport which (i) commenced before 1 January, 1981 or (ii) were the subject of a letter of assurance regarding qualification for tax relief obtained before that date from the Industrial Development Authority, may qualify under subsection (2) of section 70 of the Corporation Tax Act, 1976 for exemption from corporation tax in respect of the profits arising from qualifying trading operations.
Also, companies in the Shannon Customs-free Airport may qualify under section 51 of the Finance Act, 1988 for certain accelerated capital allowances in relation to certain expenditure.