€20m cut to foster investment

THE Government has given a €20 million cut in corporation tax to encourage research and development investment.

Brian Lenihan told the Dáil that the R&D tax credit available to companies will increase from 20% to 25%, putting it to the forefront of R&D regimes globally.

“This will increase Ireland’s attractiveness as a location for R&D activity and it will provide a well-targeted stimulus for such value-added activities. I will consider making further enhancements in the forthcoming Finance Bill,” Mr Lenihan said.