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ICT Ireland Calls For R&D Tax Breaks

by Jason Gorringe, Tax-News.com, London

15 October 2002


The hi-tech branch of the Irish Business and Employers Confederation, ICT Ireland has called, in its pre-budget submission to the government, for tax breaks to encourage private sector investment in research and development (R&D).

The industry body had previously pushed for increased grant-aid for hi-tech companies, but in recognition of the current state of the Irish economy, and the likelihood that the government will reduce, rather than increase its expenditure, has narrowed its demands somewhat.

Speaking to industry news provider, Electricnews.net this week, ICT Ireland director, Brendan Butler explained that: 'There has been some progress on the government side, but the key issue is to get industry to invest in R&D if it wants to compete for highly-skilled jobs.

In its pre-budget submission, ICT Ireland also stressed the importance of maintaining favourable tax treatment for hi-tech multinationals based in the Republic, pointing to rival jurisdictions such as Singapore and Estonia, which have a zero rate of corporation tax for international companies.

Harmonisation of Irish VAT rates with those levied in other countries for the purposes of e-commerce transactions, snd simplification of the tax rules covering employee stock options were also recommended by the group.


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