21st November 2016 |
The Minister for Finance announced in the context of Budget 2016 that a Knowledge Development Box (KDB) would be introduced in 2016. The aim of this Regulatory Impact Analysis (RIA) was to consider legislation for KDB access to be expanded to SMEs through a certificate scheme and to re-introduce substantive examination on Patents to ensure that they continue to qualify for the KDB.
The KDB is a policy tool to encourage innovation by providing a 6.25% rate of corporation tax on profits from intellectual property which is the result of qualifying R&D.
Innovation and Investment