Chambers Ireland today (25 October 2016) welcomed announcement by Minister Mitchell O’Connor of the publication of legislation to allow SMEs to avail of the Knowledge Development Box.
Commenting on the announcement, Ian Talbot, Chief Executive Chambers Ireland said, “We welcome this move by Government to make it easier for Irish SMEs to avail of the Knowledge Development Box reduced tax rates on inventions or products arising from R& D activity conducted in Ireland. Too often, efforts to support investment in R&D are incompatible with the Irish SME sector due to complexity and technical nature of the schemes. This measure will encourage and reward innovation by Irish SMEs and enable them to utilise the scheme to generate additional income from their IP and R&D activities.
More importantly, the measure will encourage the SME community to look again at their levels of R&D and consider increasing their investment and activity. This is an absolute necessity if we are to build a high value indigenous SME sector capable of scaling up and expanding into international markets. We call on the Houses of the Oireachtas to ensure this legislation is passed before the end of the year and also call on Government to ensure the Patent Office receives the extra resources required to certify applications on a timely basis.”