Finance Bill 2008 does not go far enough in delivering the measures needed to maintain Ireland as a favourable location for knowledge based investment. In particular, it was hoped that the provisions announced in relation to intellectual property and R&D tax credits would go further to encourage investment of this nature. 

Commenting on the provisions announced in Finance Bill 2008, Joan O’Connor, Tax Partner, Deloitte said: “In the context of Ireland’s agenda for a knowledge economy, Finance Bill 2008 does not focus on any tax deduction for acquired intellectual property and indeed amends a long standing provision, ‘know-how’, which is negative in the context of marketing Ireland as a favourable location.”

Similarly, the R&D measures announced in the Bill, which see 2003 remain the base year for tax credits until 2013 does not go far enough to alleviate investor uncertainty with regards to Ireland.

“The Finance Bill simply confirms what was in the Budget. Investors looking to Ireland require increased assurance, fixing 2003 as the base year indefinitely would have provided increased certainty and would certainly have been a more favourable measure,” O’Connor concluded.

Ends

For Further Information Please Contact
John McGuinness
Murray Consultants
01 498 0361 / 087 6417451
jmcguinness@murrayconsult.ie

Claire Quinn
PR Executive
Deloitte
01 417 2356/0876825766
cquinn@deloitte.ie

About Deloitte

Deloitte Ireland is a world-class firm of expert business advisers, serving senior business leaders who are seeking to protect and create value in a complex, dynamic environment. Our objective is to help our clients succeed by anticipating tomorrow’s agenda with focused, insightful and fresh thinking borne out of our multidisciplinary strengths. We draw upon our specialist skills in audit, tax, consulting and financial advisory both within Ireland and across the Deloitte worldwide network. 

What’s different about Deloitte is our people, who focus on building long-term relationships and are determined to deliver measurable value for our clients’ business. With over 1,000 people in Dublin, Cork and Limerick Deloitte is known as an employer of choice for our innovative human resources programmes and is dedicated to helping our clients and our people excel. 

'Deloitte' refers to Deloitte & Touche and any associated partnerships and companies established under the laws of Ireland. Deloitte is the Irish member firm of Deloitte Touche Tohmatsu.