In the Irish Government Budget for the forthcoming year published on 14 October, it was announced that the so called ‘Double Irish’ tax mechanism was being phased out. One of the mechanisms that is being considered to replace the ‘Double Irish’ is a new ‘Knowledge Box’ scheme. This scheme would be similar to the recently introduced Patent Box in the United Kingdom and would be of significant benefit to intellectual property holders in Ireland and those seeking to establish themselves in Ireland. Commentators suggest the Knowledge Box scheme will include a tax rate likely to be at least as low as 6.25 per cent and perhaps lower on intellectual property assets managed in the scheme. A 6.25 per cent tax rate would be half the standard Irish corporate tax rate of 12.5 per cent. The exact scope and conditions for qualifying for the scheme have yet to be determined.
Continue Reading Knowledge Box – Ireland’s new IP Tax Incentive