The signing of this Order is another step in the implementation of Pillar Two of the OECD Agreement on the Two Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy, as part of Ireland’s continuing commitment to agreed international tax reforms.
The Knowledge Development Box (KDB) is an OECD-compliant intellectual property (IP) regime, which provides relief from corporation tax on income arising from qualifying assets such as computer programs, inventions protected by a qualifying patent, or certified inventions for SMEs.
Minister McGrath commented, “This is an important step in the implementation of the OECD Two Pillar agreement. Ireland is fully committed to agreed international reforms. Work is continuing to transpose the EU Minimum Tax Directive in Ireland in the Finance Bill this autumn, to provide for the 15% minimum effective corporation tax rate element of Pillar Two.”
Iris Oifigiúil Notice - https://www.irisoifigiuil.ie/currentissues/IR050923.pdf
