News Release -
Taoiseach launches new tax relief scheme for mid-Shannon area
The Taoiseach, Mr. Brian Cowen TD., has just launched (Friday 27th June ’08) a new tax relief scheme for certain tourism facilities in the mid-Shannon area which includes areas in counties Clare, Tipperary, Offaly, Galway, Roscommon and Westmeath.
The Scheme is being managed by Fáilte Ireland and Shannon Development. Projects eligible under the new scheme include; education tourism facilities, visitor attractions, cultural facilities, wellness and self development facilities and amenities, facilities for water-sports activities, outdoor activity centres, equestrian facilities, certain restaurants and cafés, boat rental and inland cruising facilities, training facilities for adventure centres and registered holiday camps. They can be new projects or refurbishment to existing ones.
Relief is available by way of capital allowances over 7 years for qualifying construction and refurbishment expenditure. Capital allowance will be granted at a rate of 15% per year for the first 6 years and 10% for the 7th year. The qualifying period of the scheme is 3 years, but applications must be made within one year of the start of the Scheme.
During the launch event the Taoiseach announced a new Board to assess projects submitted under the new Scheme. The Board comprises Galway financier Tom Hyland as chairman, Dublin-based financier Frank Hussey, Paul Keeley of Fáilte Ireland and John King and Joan Reynolds, both of Shannon Development.
Full details on the new Scheme can be found in guidelines issued by the Minister for Arts, Sports and Tourism in consultation with the Minister for Finance which can be viewed and downloaded at www.arts-sports-tourism.gov.ie or www.shannondevelopment.ie; and www.failteireland.ie
Pointing the way….
7 year old Aileen Egan, from Portlick Glassen, Athlone is pictured with Taoiseach, Mr. Brian Cowen TD. at the launch of the new mid Shannon Tourism Investment Scheme. Lending their support are (l-r) Tom Hyland, Newly Appointed Chairman, Mid-Shannon Tourism Investment Scheme, Shaun Quinn, Chief Executive Failte Ireland, John Brassil, Chairman Shannon Development, and Dr Vincent Cunnane, Chief Executive, Shannon Development.
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