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Independent Review of Taxation Supports for the Marine Sector Published

An independent review of the taxation supports for the marine sector, which was announced in last year’s Budget has been completed in recent days and is being published today. Officials from the Department of Finance will be examining the proposals in conjunction with other relevant Departments, with a view to establishing the feasibility of their implementation in future Budgets or Finance Bills. However, State Aid rules, as they relate to supports for shipping and fishing are a considerable constraint. In relation to one of the recommendations, it is important to note that the Employment and Investment Incentive is already available to the aquaculture, seafood processing and sea-fishing sectors, and indeed some companies operating in those sectors are already availing of it.

Source: http://www.budget.gov.ie/Budgets/2016/Documents/Taxation%20Annexes%20to%20the%20Budget%20Measures%202016.pdf

Indecon Report referred to: http://www.budget.gov.ie/Budgets/2016/Documents/Marine_Taxation_Review_Report_pub.pdf

Minister Coveney welcomed the publication today of the independent Marine Taxation Review, which recommends potential areas for support of this key sector through the taxation system. “I look forward to further engagement with Minister Noonan on the implementation of these recommendations, particularly in relation to the proposed extension of seafarers tax allowances to the fishing industry; and the recommendation for appropriate tax treatment to support the fishing vessel decommissioning scheme”