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Irish TDs Urge Offshore Oil Tax Increase

by Robert Lee, Tax-News.com, London

04 December 2002


Ireland's Business World news service reported on Tuesday that a group of Green Party and socialist politicians have called upon the Irish government to increase the tax burden on foreign oil companies operating in Irish waters in order to benefit local economies.

The group - which reportedly included the Green Party's Eamon Ryan, Sinn Fein's Martin Ferris, Independent TD Joe Higgins, and SIPTU's Padhraif Campbell - yesterday urged the government to amend the provisions in the 1992 Finance Act which provided a 25% corporate tax rate for the industry.

The cross-party group of TDs argued that this tax rate is the lowest in Europe, and that when losses are taken into account, the state's share of tax revenue is almost non-existent. The politicians also observed that despite commercial finds in Irish waters of recent years, local communities have not experienced any benefit.

According to Business World, the group also urged the Irish authorities to reform the licensing regime so that all licences are issued for just one year, and all ancilliary activities must have an immediate economic benefit for local communities.


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