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Corporation tax measures in Budget include commitment to the 12.5% corporation tax rate alongside a new patents "knowledge box" scheme Back
In his Budget speech, The Minister for Finance reiterated Ireland's commitment to the 12.5% corporation tax rate, while signalling a new patents "knowledge box" scheme, alongside the previously signalled ending of the "Double Irish", for new companies on January 2015, and for existing schemes with a trailing off date of 2020.
The 'Knowledge Box' scheme represents a recognition of increasing competition from other jurisdictions on this front, notably the United Kingdom.

The detailed measures are published in a document compiled by the Department of Finance here.

Finance Dublin next issue will contain extensive analysis of the Corporation Tax implications of the Budget, and the forthcoming Finance Bill. A special publication on the Finance Dublin website will be published in November.

The Department has published a series of documents it has produced and commissioned, an Economic Impact Assessment of Ireland's Corporation Tax Policy.

A package of pro-active measures on Corporation tax measures have been announced in the Budget, outlined in the above document. They represent the most comprehensive statement ever issued by an Irish Finance Minister on corporation tax matters in a Budget day speech.

See a selection of Budget Statements on IFSC and Corporation Tax aspects issued here: Budget Statements:

Highlights include:
* Significant details also include a promise to improve the SARP scheme, which is widely held to be ineffective under present restrictions
* Commitment to cut the top rate of tax by 1% is a signal that corporation tax competitiveness internationally is not just a function of corporation tax, but of the income tax regime for internationally mobile executives, which include Irish emigrants from the post financial crisis 'diaspora'.
* Increased efforts to widen Ireland's (already extensive) international tax treaty network.
* A vigorous campaign will be mounted to defend Irish interests as per the Minister's 2014 Budget committtment of "playing fair but playing to win" in the context of the OECD's 'BEPS' project. In this connection, the Department says, under the heading "Regime: Competent Authority for Transfer Pricing", that International Transfer Pricing disputes are likely to grow in number "and Ireland must be ready to defend its tax base".

Accordingly, it says: "Ireland will strengthen the capabilities of its transfer pricing competent authority by assigning new resources to the Revenue Commissioners to meet this priority need".
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