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Tonnage tax.
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67.— (1) The Principal Act is amended—
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(a) in section 697A(1)—
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(i) in the definition of “qualifying ship”, by substituting the following for paragraph (b):
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“(b) a vessel, other than a vessel operated for bona fide commercial purposes and with an overnight passenger capacity (not including crew) of not less than 50 persons, of a kind whose primary use is for the purposes of sport or recreation,”,
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and
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(ii) by deleting the definition of “75 per cent limit”,
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(b) in section 697D(3), by substituting “section 697F” for “section 697E and 697F”,
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(c) by deleting section 697E,
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(d) in section 697G, by substituting “section 697F” for “section 697E or 697F”,
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(e) in section 697H(1), by deleting paragraph (c), and
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(f) in Schedule 18B—
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(i) by substituting the following for paragraph 1:
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“Method of making and giving effect to an election
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1. (1) A tonnage tax election shall be made by notice to the Revenue Commissioners and shall be made by means of a form prescribed for that purpose by them.
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(2) (a) The notice shall be supported by such information, particulars and documentation (in this paragraph referred to as ‘information’) as the Revenue Commissioners may require for the purposes of this Part and the election shall not take effect until such information is provided to the satisfaction of the Revenue Commissioners.
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(b) Without prejudice to the generality of this subparagraph, the information referred to in clause (a) may include information relating to the matters specified in subparagraph (3).
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(3) (a) The information which may be requested from an applicant company by the Revenue Commissioners for the purposes of subparagraph (2) includes—
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(i) documentation on legal status, memorandum and articles of association, and certificate of incorporation of the company,
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(ii) business plans or similar documents of the company,
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(iii) the name and address of each of the directors of the company,
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(iv) the name and address of each of the beneficial shareholders of the company and the number and class of shares held by each,
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(v) details of the qualifying ships owned or leased by the company,
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(vi) particulars of how the strategic and commercial management of the qualifying ships is carried on by the company in the State,
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(vii) in the case of a group election, particulars of all the companies in the group, their respective shareholdings, and the flow of funds between all of the companies in the group.
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(b) For the purposes of this subparagraph, ‘applicant company’ means a company that makes an election by notice to the Revenue Commissioners in accordance with subparagraph (1).”,
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and
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(ii) in subparagraph (6) of paragraph 3, by substituting “A tonnage tax election” for “Subject to section 697E(4), a tonnage tax election”.
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(2) (a) Paragraph (a)(i) of subsection (1) comes into operation on 2 February 2006.
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(b) Paragraph (f)(i) of subsection (1) comes into operation on 1 July 2006.
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(c) Paragraphs (a)(ii), (b), (c), (d), (e) and (f)(ii) of subsection (1) come into operation on such day or days as the Minister for Finance may by order or orders appoint and different days may be appointed for different purposes or different provisions.
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