No tax incentives for Cork docklands

More work is needed before tax incentive packages for the redevelopment of Cork docklands area can be introduced, Minister for Finance Brian Cowen said yesterday. Deaglán de Bréadún,Political Correspondent, reports.

The Finance Bill did not include any tax incentive measures for the Cork docklands project or the regeneration of Limerick, which had been anticipated.

Mr Cowen said there was still "quite a bit of work" to be done by way of preparation.

"It's a very exciting project with a lot of potential but I think we have to work our way through the various issues," he said.

The Minister said he felt his position on tax incentives had been misunderstood. It was not a question of closing down all tax incentives, he said, but looking at how they might be redirected.

Green Party finance spokesman Dan Boyle said he hoped the Minister would introduce some measures to kick start the urban renewal development project at the earliest opportunity. "As a Senator representing the Cork region I am, however, disappointed that it has not thus far been possible to sort out the EU State aid issues," he added.

Asked how much of the Finance Bill was due to the influence of the Green Party in Government and how much of it would have been initiated by Fianna Fáil of its own accord, Mr Cowen said "all of it" was the Government position.

"The Government is working to a Programme for Government which was negotiated between the parties. It is true to say that the whole question of economic sustainability is a very important issue."

Mr Cowen will introduce the Bill to the Dáil next Tuesday. It is the fifth Finance Bill under his tenure as Minister for Finance. He said he anticipated that he would introduce a sixth Bill next year.