Ireland Tax Agency Updates Guidance on R&D Tax Credit

The Irish Revenue Commissioners July 12 issued Revenue eBrief No. 190/24, and updated guidance, on the research and development (R&D) corporation tax credit, to reflect changes enacted by the Finance (No. 2) Act 2023. The guide covers topics such as qualifying expenditures and activities, credit calculation, and claim procedures. Updates to the guidance include: 1) an increase in the rate of the R&D credit to 30 percent; 2) an increase in the first installment threshold to 30,000 euros (US$32,709) from 25,000 euros (US$27,257); and 3) the introduction of a pre-filing notification requirement. The updated changes are applicable to accounting periods ...