On 11 August 2016, Irish Revenue published eBrief No. 73/2016 concerning guidance on Ireland's Knowledge Development Box, which was introduced by Finance Act 2015 and applies for fiscal years beginning on or after 1 January 2016. The Knowledge Development Box is in line with the modified nexus approach of BEPS Action 5, and provides a 50% reduction in taxable profits arising from qualifying patents, copyrighted software or IP equivalent to a patentable invention (6.25% effective tax rate).
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