Sunday September 20, 2020

Tax credit extension welcomed

Although widely expected, the government’s decision to extend tax credits for research and development was favourably received by multinationals and small companies.

9th December, 2006

The current rules allow 20 per cent of spending on approved research and development to be written off against a company’s corporation tax bill. Under current rules, the tax relief is not claimed against the actual amount spent by the company, but rather the amount they spent over and above what was incurred the previous year. As such, it was an incremental tax credit. Minister for Finance Brian Cowen said he planned to fix the...

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