Tuesday, 23 July 2019

Questions (227)

Richard Boyd Barrett


227. Deputy Richard Boyd Barrett asked the Minister for Finance the amount of tax that was forgone due to the knowledge box in the latest available figures. [33521/19]

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Written answers (Question to Finance)

I am advised by Revenue that the most recent data for the annual cost (in terms of tax foregone) of the Knowledge Development Box (KDB) are published on page 18 of Revenue’s paper on 2018 Corporation Tax payments and 2017 tax returns, available at https://www.revenue.ie/en/corporate/documents/research/ct-analysis-2019.pdf.

In regards to the above, the Deputy may be aware that a claimant company has a period of up to 24 months to make a claim for KDB relief. It is anticipated that companies will make use of the 24 month time frame available, therefore more claims in respect of the year ended 31 December 2017 may be made by September 2019.

No data in respect of 2018 will be available until the Corporation Tax returns for the accounting years ended in 2018 are filed and analysed. Likewise, data on later years are not currently available.