Shipping Investment Tax Incentives
Taylor-Quinn urged a business expansion scheme tax incentive for shipping investment, citing Ireland’s high transport costs. After the Ceann Comhairle ruled her intervention beyond the original question, Wilson acknowledged costs were higher than in Europe and pointed to grants for new ships, NADCORP capital, and support for shipbuilding.
Given that we are an island nation and that our export transportation is 90 per cent by sea would the Minister arrange to have investment in shipping under the business expansion scheme included in the forthcoming budget by providing a tax incentive so that more people can get involved in shipping investment? It is important for the economy that we have a good transport fleet given the fact that our transport costs are 9 per cent——
Comment on this
In view of the variation of transport costs between Ireland and Europe — 9 per cent versus 4 per cent — would the Minister seriously consider an extension of the business expansion scheme for shipping investment?
Comment on this
When I was Minister for Transport the cost I got was 11 per cent; whatever it is, it is much higher than the relevant comparative costs in Europe. There are grants available from my Estimate for new ships and ships under a certain age. NADCORP are supplying capital for ship-building and there is a general move towards encouraging ship building.