He said he was making the VAT cut in recognition of the "unprecedented challenges" facing particular sectors of the economy.
The Minister said this was designed to provide assistance to a wide range of economic activities and, as such, benefits a broad range of businesses and traders. The Knowledge Box is an OECD-compliant intellectual property regime that supports businesses in retaining and exploiting assets that have resulted from reseach and development activities in Ireland.
He said that as much of the planned incentive effect of the Section 481 regional uplift for 2020 for the sector has been lost, he is changing the scheme to provide for an additional year at its peak rate of 5%. The uplift will now be in place until the end of 2023.
Great news