Insight from Joan O'Connor, Partner, Deloitte on Budget 2015.
TMT: Key Budget 2015 measures
The Technology Media and Telecommunications (TMT) sector is vital to Ireland’s economy, from an FDI perspective where Ireland is home to the Top 10 ‘Born on the Internet’ companies and 9 of the Top 10 Software companies, as well as a strong indigenous sector.
In a widely anticipated move, the “Double Irish” structure, used by many US technology/social media companies will be abolished effective from 1 January 2015 but existing structures are grandfathered until 31 December 2020.
In a largely positive announcement for companies, the Minister for Finance has outlined a roadmap on tax policy and measures to enhance Ireland’s intellectual property regime and underpin the Government’s commitment to making Ireland a destination for the best and most successful companies in the world. These measures will benefit those in the TMT sector.