The Irish Finance Act 2003 brought a new tonnage tax regime into effect in Ireland which will mean companies carrying on qualifying shipping activities out of Ireland will pay minimal corporation tax.
The regime was introduced along with a wider promotion of shipping by the Irish Government, through the establishment of the Irish Maritime Development Office and the proposed introduction of a modern system of ship registration in Ireland for commercial vessels. Together, these measures are expected to make Ireland a more attractive country, both for Ireland’s indigenous shipping industry and for foreign shipping companies relocating to Ireland.
