Ireland’s latest budget proposes to increase the research and development credit for companies from 25% to 30% to maintain the value of investment amid a global rollout of a minimum tax framework.
The 2024 budget proposal released Tuesday totals €14 billion ($14.82 billion) with over €1.1 billion ($1.06 billion) in tax measures. Alongside the R&D credit rate hike, the R&D threshold for businesses also will go up for first-year payments from €25,000 to €50,000, meaning more claims can be paid in full in the first year.
“This will maintain the net value of the existing credit for those businesses ...
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