Investment of €14.9m in fishing capacity does not attract capital tax allowances, court rules

Mullglen Ltd and OIgarry Ltd, which operate trawlers out of Killybegs in Co Donegal, bought the fishing capacity of the Atlantic Dawn for €14.9 million. Photograph: iStockA €14.9 million investment to provide two fishing companies with greater capacity for catches does not attract capital tax allowances, the High Court has ruled.

Meta Ireland chief Anne O’Leary: ‘We need to work together across the tech industry ... so we keep people safe online’Maybe the kindest thing to do for The Simpsons would be to shelve it The companies argued that fishing capacity was a “specified intangible asset’ within the meaning of the tax law providing for capital allowances.

The Tax Appeals Commission found with the companies. It determined that the fishing capacity acquired by the companies came within the meaning of the intangible asset provisions and the refusal of the capital allowances “should not stand”.

France Dernières Nouvelles, France Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Oil and gas companies warned to prepare for inevitable decline in demandReport by UK think tank says traditional energy companies face tough choices to preserve shareholder value
La source: IrishTimes - 🏆 3. / 98 Lire la suite »

Objections by EU and internet companies delay new election advertising lawsElectoral Reform Act was passed by the Oireachtas last year, and the Electoral Commission was set up this year to run and monitor elections and referendums
La source: IrishTimes - 🏆 3. / 98 Lire la suite »

Two thirds of Irish businesses plan to hike cyber security investmentNew survey finds companies increasingly moving to enhance data protection
La source: IrishTimes - 🏆 3. / 98 Lire la suite »

Accountancy firm RSM Ireland to create 200 new jobs on the back of transformative investmentRSM UK will acquire ownership of the business from the current board as part of the deal
La source: businessposthq - 🏆 8. / 71 Lire la suite »

Accounting group RSM Ireland acquired by UK firm in €20m investmentRSM UK acquires ownership of the Irish business from the current Irish board comprising John Glennon, Aidan Byrne, Catherine Corcoran Gearty and Niall May
La source: IrishTimes - 🏆 3. / 98 Lire la suite »