Finance Act, 1927

Relief from double income tax on profits from the business of shipping.

4.—(1) Whenever under any law from time to time in force in any foreign state income tax or any tax corresponding to income tax is for the time being payable in respect of profits or gains arising from the business of shipping in respect of which income tax is payable in Saorstát Eireann it shall be lawful for the Executive Council to enter into a provisional arrangement with the Government of such foreign state for the granting of relief in cases where there is a charge both to the Saorstát Eireann Income Tax and to the income tax or tax corresponding to income tax payable in such foreign state.

(2) It shall be lawful for the Governor-General by order made on the advice of the Executive Council to confirm any such provisional arrangement as is mentioned in the preceding sub-section, and thereupon such provisional arrangement shall, as from the date of such order or any later date specified in such order, but subject to the provisions of this section, have effect as if enacted in this section.

(3) An order made by the Governor-General under this section shall only have effect by virtue of this section if and so long as the arrangement confirmed by such order, in so far as it relates to the relief to be granted from the income tax or tax corresponding to income tax payable in the foreign state mentioned in such order, has the effect of law in such foreign state.

(4) Every order made by the Governor-General under this section shall forthwith be laid before Dáil Eireann, and if Dáil Eireann shall within twenty-one days on which it has sat next after such order was laid before it pass a resolution annulling such order, such order shall be annulled accordingly, but without prejudice to the validity of anything previously done there-under.

(5) The obligation as to secrecy imposed by any enactment with respect to income tax shall not prevent the disclosure to any authorised officer of the foreign state mentioned in an order made by the Governor-General under this section of such facts as may be necessary to enable relief to be duly given in accordance with the arrangements confirmed by such order.

(6) In this section the expression “business of shipping” means the business carried on by an owner of ships, and for the purpose of this definition the word “owner” includes any charterer.