Midlands tourism plan?

New Tax Incentive Scheme for Mid-Shannon Area – the Minister announced a new tax scheme aimed at encouraging the development of tourism infrastructure in the mid-Shannon area. A certification body will be established to vet proposed developments so as to provide quality assurance for the scheme. Such certification is aimed at establishing eligibility under the scheme before proceeding with any project. The qualifying period for expenditure under the scheme will be 3 years from the date of its commencement which will be done by way of Ministerial Order. It will not cover stand alone hotel or holiday cottage developments and the accommodation content of any qualifying development cannot be more than 50%. The designated areas involved are in a corridor of about 12 kilometres on either side of the river stretching from roughly the bottom of Lough Derg to Lough Ree. The tax relief will consist of accelerated capital allowances over 7 years for qualifying construction and refurbishment expenditure incurred in the qualifying three-year period. The scheme is subject to notification to the European Commission under the new regional aid block exemption guidelines.

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