§ Mrs. GormanTo ask the Chancellor of the Exchequer if he will list those bodies which are able under section 33 of the Value Added Tax Act 1994 to recover value added tax; and if he will make a statement on how the
416W7 There is also a surcharge of 4 per cent. and local trade taxes (in range of 8 per cent.–12 per cent.) which give an effective rate of 40.9 per cent.
8 The main rate is only applied to 30 per cent. of the profits from maritime transport activities. In Madeira corporation tax does not apply to profits arising from the operation of Madeira-registered vessels in international waters.
9 There is also a surcharge of 1 per cent., giving an effective rate of 35.35 per cent. In the Canary Islands shipping companies are granted up to a 35 per cent. reduction in corporation tax, giving a minimum possible effective rate of 22.75 per cent.