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Finance Bill 2015  

Knowledge Development Box welcome – Deloitte

Further work needs to be done to attract FDI in the long-term

Finance Bill 2015 introduced the Knowledge Development Box (KDB), which was announced by Minister Noonan in Budget 2016. Joan O’Connor, Tax Partner, Deloitte commented:

“The introduction of the Irish KDB regime is welcome, although the narrow scope of IP assets that qualify for the regime ultimately may result in limited uptake outside of the patented pharmaceutical industry and technology sectors, and potentially will be of more benefit to the indigenous sector than the MNC sector.

“The constant weekly focus on tax internationally through the OECD’s BEPS process and the EU’s own agenda means that Ireland must walk a fine line between its commitment to engagement on the various Actions that it has demonstrated so far and its ability to attract and maintain new investment. To date, Ireland has had great success in doing so. The KDB may be of significant benefit to indigenous industry and entrepreneurs, both deepening and widening that pool. This is very welcome and will help in encouraging a balanced economy. However, as a solution for medium- to long-term FDI, further work needs to be done on what is potentially available for global companies, such that investment is not diverted to and competitor countries.”

For full details of Deloitte’s commentary and analysis on Finance Bill 2015, please visit www.deloitte.com/ie or follow @DeloitteIreland on twitter.

Ends

For Further Information Please Contact
Olwyn Flanagan
Murray Consultants
083 173 7585

Claire Quinn
Deloitte
087 977 7783

About Deloitte
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The information contained in this press release is correct at the time of going to press.

Deloitte has almost 2,000 people in Ireland providing audit, tax, consulting, and corporate finance services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges.

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The information contained in this press release is correct at the time of going to press.

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