Celestial Green Ventures PLC
Celestial Green Ventures PLC expected to benefit from changes to Irish Tax Code
Celestial Green Ventures PLC / Key word(s): Miscellaneous 16.02.2012 / 09:00 --------------------------------------------------------------------- Celestial Green Ventures PLC expected to benefit from changes to Irish Tax Code On Wednesday 8th February, the Irish Minister for Finance, Michael Noonan T.D. published the Finance Bill 2012, which extends the range of carbon offsets recognised in the Irish Tax Code to explicitly include those generated by projects that reduce emissions from deforestation and forest degradation (REDD). The inclusion of REDD credits in the tax code makes establishing a special purpose vehicle (SPV) to buy forest carbon credits and then issue forestry bonds 'very tax efficient, very cost-effective,' said Paul Harris, head of natural resources risk management at the Bank of Ireland in Dublin. 'This is part of the effort to ensure that Ireland offers the best possible environment for green finance,' he told Environmental Finance. This means that Ireland has become the first country in the world to recognise forest carbon credits in its tax regime. This innovative approach proves that Ireland is at the forefront of Green Financing and Investment. These measures will contribute towards the overall plan for economic recovery, as well as curbing the devastating effects of global climate change. The new section of the Tax Code allows costs associated with the creation of SPVs to be offset, and gives favourable treatment to any profits generated. An SPV can be used to securitise carbon credits, with the cash flow used to pay the bondholders' interest and principal. 'We are delighted that the Irish Government has shown willingness and the foresight to explicitly establish REDD credits within their new 2012 Tax Code. REDD credits have a pivotal role to play in reducing global carbon emissions. This innovative approach, will certainly be beneficial to the Irish economy, particularly in terms of job creation', said Ciaran Kelly, CEO of Celestial Green Ventures. Celestial Green Ventures (CGV), a Dublin based carbon credit development company is a global leader in the development of REDD carbon credits. They currently hold the carbon credit rights in seventeen different project areas in the Amazonian region of Brazil, where they have signed initial 30-year contracts with Brazilian Municipalities, Local Land Owners and Indigenous Communities. CGV has developed an innovative, financially savvy and environmentally sustainable investment vehicle, which offers an opportunity to invest in REDD projects which deliver co-benefits including conservation of the rainforest, biodiversity protection and also socio-economic improvements for the local communities. For more information about Celestial Green Ventures and REDD carbon credits, visit celestialgreenventures.com or email info@celestialgreenventures.com. End of Corporate News --------------------------------------------------------------------- 16.02.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 156838 16.02.2012
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