Intel R&D gets €5.9m in tax credits which is more that it's pre-tax profits

The Irish-based research and development (R&D) arm of chip giant Intel last year made more money from R&D tax credits, totalling $5.9m (€5.54m), than it did in pre-tax profits from its operations here.

New accounts filed by the Shannon-based Intel Research and Development Ireland Ltd (IRDI) show that the firm would have been liable to pay Irish corporation tax of $480,242 based on its pre-tax profits of $3.84m.

However, the firm had no corporation tax bill last year and instead received a tax credit of $5.3m following an R&D tax credit of $5.9m.