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Thursday, 14 February 2013
Finance Bill 2013 lays foundations for growth in MRO Sector ©
The Minister for Finance, Michael Noonan T.D published the Finance Bill 2013 and Finance (Local Property Tax) (Amendment) Bill 2013 on 13th February giving effect to Aviation measures announced in Budget 2013 on 5th December, laying the foundations for increased growth in aircraft maintenance and repair sector (MRO) industry.
The Government has prioritized Ireland’s aviation sector as a growth area, and is also keen to develop Irish airports as the sector undergoes transition. The Finance Bill provides new incentives to benefit the aviation sector, and promote the construction of new airport infrastructure.
The Finance Bill 2013 provided a provision for an amendment to the definition of “industrial building” such that industrial building allowances will apply to hangars, tear down pads, parking and ancillary facilities, for a period of five years from commencement, the construction of new aviation-specific facilities such as hangers, and tear-down pads - special parking areas for aircraft being dismantled - will enjoy an accelerated capital allowance over seven years.
Minister Leo Varadkar said "These measures are designed to attract additional aviation sector businesses and jobs to Ireland and to encourage Irish and overseas businesses already located here to expand their operations. Although these incentives were originally proposed by the Shannon Aviation Business Development Task Force which was established by Minister Bruton and I, they are being made available to all airports in the State that wish to avail of them ".
Irish Aviation Research Institute © 14th February 2013 All Rights Reserved.