19th May 2017 |
Acts
The Taxes Consolidation Act 1997 (as amended by the Finance Act 2015) introduced the Knowledge Development Box (KDB) which is a lower rate of corporation tax on profits arising from intellectual property assets that are the result of R&D.
The Knowledge Development Box (Certification of Inventions) Act 2017 (No 6 of 2017) came into operation on 19 May 2017. This Act allows small and medium sized enterprises (SMEs) apply to the Controller of Patents, Designs and Trade Marks for a Knowledge Development Box Certificate. This Certificate will form part of the eligibility criteria set out in the KDB tax legislation for SMEs wishing to avail of the lower rate of corporation tax. The IP asset must be novel, non-obvious and useful.
The Knowledge Development Box (Certificate of Inventions) Act 2017 also provides for the re-introduction of substantive examination of Irish patents. Patents granted following substantive examination will also be eligible to qualify for the lower rate of corporation tax.
Knowledge Development Box (Certification of Inventions) Act 2017 (irishstatutebook.ie)
Published by
Innovation and Investment
Topics:
Intellectual Property