Food Vision 2030 is our shared strategy for the continuing development of the agri-food sector in Ireland, developed for the sector by the sector. Food Vision is a landmark for the Irish agri-food sector with the potential to transform our agriculture, food, forestry and marine sectors in the period to 2030, with sustainability at its core.
The research and development (R&D) corporation tax credit, as provided for in Part 29 of the Taxes Consolidation Act 1997, is available to all companies, including Agri-Technology companies, which are within the charge to Irish tax and which incur qualifying expenditure on qualifying R&D activities. For accounting periods commencing on or after 1 January 2024, the R&D corporation tax credit is available at a rate of 30% of allowable expenditure. For accounting periods commencing prior to 1 January 2024, the rate of the credit is 25%.
In making a claim for the R&D corporation tax credit, companies must satisfy two tests: the activity must be a qualifying activity (a science test) and the amount of the claim must be based on R&D expenditure incurred (an accounting test).
For the activities to be qualifying R&D activities, they must be systematic, investigative or experimental activities in a field of science or technology and involve one of the following research categories:
• Basic research,
• Applied research, or
• Experimental development.
In addition, the R&D activities must seek to achieve a scientific or technological advancement and
involve the resolution of scientific or technological uncertainty.
The R&D corporation tax credit is available in respect of expenditure incurred wholly and exclusively in the carrying on by the company of qualifying R&D activities.
Full information regarding the R&D corporation tax credit, including the categories of activities which may qualify for the credit, is available in Revenue’s published Tax and Duty Manual on the Research and Development (R&D) Corporation Tax Credit, which can be accessed on the Revenue website at: www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-29/29-02-03.pdf.