ireland to introduce new oecdcompliant tax scheme
Last Updated : GMT 02:57:08
Arab Today, arab today
Arab Today, arab today

Ireland to introduce new OECD-compliant tax scheme

Arab Today, arab today

Arab Today, arab today Ireland to introduce new OECD-compliant tax scheme

A general view of the financial district in Dublin, Ireland
Dublin - AFP

Ireland on Tuesday announced a low 6.25 percent corporate tax scheme for intellectual property research as it aims to continue to attract investment after closing the "Double Irish" tax loophole.

The "Knowledge Development Box" will offer a tax incentive on earnings originating from research and development projects carried out in Ireland at half the rate of the headline 12.5 percent corporate tax rate -- already one of Europe's lowest.

"The income that qualifies for the Knowledge Development Box will be subject to a new rate of corporation tax of 6.25 percent," Finance Minister Michael Noonan told parliament.

Noonan said this would be the first patent box to comply with the Organisation for Economic Co-operation and Development (OECD)'s new plan to close the tax loopholes of multinationals that cost countries more than $100 billion a year.

Similar patent boxes exist in other countries, most notably in Britain which offers a 10 percent rate and has been increasingly competing with Ireland for investment from major multinationals.

Ireland is the European base for many major multinationals, including Google, Apple, Microsoft and Facebook.

Dublin has moved in recent years to tighten its corporate tax rules in the wake of prolonged international criticism.

Last year, it announced the phasing out of the "Double Irish" loophole which allowed multinationals to shift profits through Ireland to tax havens.

Finance ministers from the G20 countries last week approved the OECD's Base Erosion and Profit Shifting project report which aims to tackle the low tax bills of major corporations.
Ireland is also set to introduce new rules to share multinational tax information with other countries following a recommendation in the OECD report.

Earlier Irish Prime Minister Enda Kenny said this was "important in the sense of transparency and accountability."

Meanwhile, Ireland announced on Tuesday tax cuts and spending increases amounting to 1.5 billion euros ($1.70 billion) in its annual budget for 2016.

Noonan said Ireland's economy is forecast to grow 6.2 percent this year and 4.3 percent next year, up from earlier forecasts of 4.0 and 3.8 percent respectively.

Ahead of next spring's general election, the government is moving to unwind some of the austerity of recent years as the economy is set to grow at the fastest rate in the European Union for a second year in a row.

Noonan said Ireland's public deficit would come in at 2.1 percent of gross domestic product (GDP) in 2015, well below of an earlier 2.7 percent forecast and below the EU's 3.0 percent ceiling.

He also added that government debt would fall to 93 percent of GDP by the end of 2016, within the eurozone average and some distance from its peak of over 120 percent in 2012.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

ireland to introduce new oecdcompliant tax scheme ireland to introduce new oecdcompliant tax scheme

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

ireland to introduce new oecdcompliant tax scheme ireland to introduce new oecdcompliant tax scheme

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday