Ireland has recently announced the introduction of the Irish Knowledge Development Box (KDB) regime. The KDB enables companies carrying out research and development (R&D) activities to tax the profits arising from these activities at an effective rate of only 6.25%.
The provision of the new regime have commenced on the 1st of January 2016 and operates by providing a 50% deduction from qualifying profits. Income that falls under the profit calculation includes royalties for the use of the qualifying assets and the portion of any income from the sale of products or services attributable to qualifying assets.
The KDB offers an opportunity for Irish companies to avail a substantially lower corporation tax on qualifying profits. The first claims in respect to 2016 are to be made in 2017.
Source: Trust4Trust Group 11/01/2015
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