Ireland to increase energy tax incentives
The Irish Government is set to introduce a series of tax incentives designed at boosting energy conservation.
Under new measures to be introduced in this week’s Finance Bill by Finance Minister Brian Cowen, businesses will have new inducements to claim the full cost of energy efficient purchases against the year’s taxable income, the Irish Independent reports.
“Mr Cowen has apparently been persuaded that where employers decide to buy energy-efficient cars, plants or machinery, they will be able to avail of a new accelerated capital allowances scheme,” the newspaper writes.
It said that the initiative is expected to give a boost to moves for energy efficiency by extending this allowance to lighting and building energy management systems.
The Finance Bill is also expected to give incentives for more foreign investment in research and development, by extending the existing tax credit system.
Earlier this month, the Irish Business and Employers Confederation has said the ability to buy overseas carbon allowances could be crucial if Ireland is to meet its greenhouse gas emissions targets.