New Tax Measures Boost Irish Shipping Industry

Thursday, December 06, 2001
The Irish Minister for Finance, McCreevy T.D announced a tonnage tax for Ireland in this years Budget. Fahey T.D., Minister for the Marine and Natural Resources, said "the government approval for this unique flat tax rate linked to tonnage will act as a catalyst to regenerate the Irish shipping industry. The industry has been stagnant in recent years and this new tax regime will ensure a more attractive and enhanced fiscal environment. It will offer certainty and clarity for future investment and ensure the industry's competitiveness with those in other member states".

The tonnage tax forms part of a number of initiatives being spearheaded by the Irish Maritime Development Office (IMDO) with the support of government and the industry, these include a radical review of the Irish Register and changes to Irish Mercantile Marine legislation.

Glenn Murphy, Director of the IMDO, said, "Ireland has achieved an enormous degree of success in sectors such as finance, telecommunications and IT. With the support of the Government on issues such as taxation, the Irish Register and our new maritime college, we are now well placed to attract investment from abroad and the ability to develop our own indigenous industry.

A year ago, the IMDO said that radical reform would be needed to halt the rapid decline of the Irish shipping industry. "The industry was on the brink of a complete collapse," Murphy said. "Many of our larger owners, such as Irish Ferries and Arklow Shipping would have been compelled to lower the Irish flag and relocate their core business structures to another country had the tonnage tax regime not been announced this year."

A tonnage tax means that a company is taxed based on the tonnage of their fleet rather than notional corporate profits. The EU strongly advocates this regime and it has already been implemented successfully in Britain, Holland and Germany.

Dr. Peter Heffernan, CEO of the Marine Institute welcomed the announcement by the Minister for Finance he said that it reaffirmed the Governments commitment to developing the Maritime sector."

Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Demands for Icebreaker Tours Spiral

Plans to terminate commercial tours to the North Pole on the nuclear-powered icebreakers of the Atomflot company in 2016 have surged the demand for these tours.

Teekay LNG Partners Declare Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended September 30, 2015. The

TMS Cardiff Gas Orders First LPG Carriers

TMS Cardiff Gas Ltd. has signed a contract with Hyundai Heavy Industries of Korea for the construction of two 78,700 cbm LPG carriers with the option to build another two.

Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1127 sec (9 req/sec)