TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Minister signs the Commencement Order for the Knowledge Development Box (Certification of Inventions) Act 2017

In mid-May, the Minister for Jobs, Enterprise and Innovation, Mary Mitchell O’Connor signed the Commencement Order for the Knowledge Development Box (Certification of Inventions) Act 2017.

The scheme comes within the Knowledge Development Box (“KDB”) initiative announced in Finance Act 2015 and this order allows for small and medium sized companies to qualify for the KDB and the lower rate of corporation tax of 6.25 percent for profits arising from certain IP. Under the scheme, SMEs can apply to the Controller of Patents, Designs and Trade Marks for a certificate where it’s thought that the IP generated as a result of R&D is original, not obvious and useful.