Thursday, 6 December 2012

Aviation growth incentives unveiled in Budget 2013 ©

Image: EI-AMD Photos
The Minister for Finance Mr Michael Noonan TD yesterday announced new aviation growth incentives in Budget 2013 to develop and build upon existing aircraft leasing and maintenance clusters, creating the potential for significant job creation, by putting in place measures to facilitate the construction of hangers and ancillary facilities to make it more attractive for companies to locate here in Ireland.

The Minister said a joint departmental team will examine the feasibility of new funding sources for airlines and aircraft financing and leasing companies.

A very welcome development is to make the International Aviation Services Centre (IASC) concept being developed for the Shannon Airport entity, available to all other airports in the state who wish also to avail of these measures, also the 9% VAT rate in the tourism will remain.

Further details are expected in the Finance Bill next week.

The aviation sector contributes €4.1 billion (2.6%) to Irish GDP with 26,000 direct employees in airlines, airports, leasing companies and MROs (Source Aer Lingus).

Irish Aviation Research Institute © 6th December 2012 All Rights Reserved.

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