§ Mr. Skeetasked the Secretary of State for Energy what fiscal and other incentives the Governments in Denmark, the Netherlands, France and Italy provide to encourage exploration for, and the development of, commercial fields in their respective Continental Shelves.
§ Mr. John SmithMy information is that:
- (a)No such incentives are available in the case of Denmark and the Netherlands;
- (b)Though there are no specific incentives in the case of France, a special tax régime applies to offshore areas under which, for instance, equipment is deemed not to have been imported into France and not therefore to be dutiable;
- (c)In the case of Italy there is a 50 per cent. exemption from local income tax, which is levied at a rate of 10–15 per
640 cent., in respect of profits ploughed back into exploration and development on the Continental Shelf.