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IDA IRELAND ANNUAL REPORT AND ACCOUNTS 2010 • 44Notes to theFinancial Statements (CONTINUED)For Year Ended 31 dECEmber 201022 CommitmentsIt is estimated that future payments likely to arise from Grant Commitments amounted to €260m as at 31 December 2010.Capital Commitments outstanding at 31 December 2010 on contracts for the acquisition and development of Industrial Propertyamounted to €19m.23 TaxationSection 227 of the Taxes Consolidation Act, 1997, provides an exemption from tax for income of non commercial state bodies. Thisexemption does not apply to deposit interest. Where interest receivable is subject to tax at source (e.g. DIRT), the net receivableamount is credited to the Operating Account.In some countries in which the Agency operates, an exemption from local taxation has been availed of under the GovernmentalServices article of the relevant double taxation agreement. This position continues to be under review by the Agency which is activelyseeking clarification to determine whether overseas employment taxes arise in any of the jurisdictions where this exemption hasbeen availed of. The review could result in a liability to taxes but in view of the uncertainty in relation to the amount, if any, of suchpossible contingent liability no provision has been made in the financial statements for the year ended 31 December 2010.24 Industrial Property Income and Expenditure2010 2009Notes €’000 €’000Income:Oireachtas Grant 1 1,000 3,230Rental Income IDA Ireland Client Companies 6 (a) 2,541 2,917Fee Income in respect of Undeveloped Lands 7 199 377Interest on Sales 7 342 454Profit on Disposal of Industrial Property 5,654 7,7799,736 14,757Expenditure:Promotion, Administration and General Expenses 1,674 2,172Industrial Building Charges 11 7,645 12,401Depreciation Charges and Provisions 12 52,840 89,27662,159 103,849Net Movement for Year (52,423) (89,092)Transfer from Capital 14 46,998 79,473Contribution from Promotion and Administration activities (5,425) (9,619)