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Noonan Plans 6.25% Patent-Box Tax as `Double Irish' Ends

  • Noonan lays out Irish plan to win more overseas investment
  • Irish government takes on U.K. patent box tax rate of 10%

Ireland will introduce a new lower tax on intellectual property to keep and win more overseas investment as the government phases out a controversial loophole known as the “Double Irish.”

The new knowledge development box will tax profits from patented innovations such as technological and pharmaceutical developments at 6.25 percent, Finance Minister Michael Noonan said in parliament in Dublin on Tuesday. That’s lower than the standard company tax levy of 12.5 percent.