A tax credit regime for Research and Development (R&D) was introduced in Ireland in Finance Act 2004. The number of companies benefiting from the credit has increased from less than 75 in 2004 to almost 1,500 in 2011. The annual cost of the scheme is estimated to have risen from €71 million to approximately €261 million over the same period. The Minister for Finance announced this review of the R&D Tax Credit as part of Budget 2013. The goal of the review is to ensure that the R&D Tax Credit remains “best in class” internationally and represents value for money for taxpayers.
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