"This is a once-in-a-generation reform to our corporation tax system, and marks the culmination of a ten-year, global project to reform the taxation of multi-national enterprises," the minister said.
He said:"I am doubling the first-year payment threshold from €25,000 to €50,000, to provide valuable cash-flow support to companies engaged in smaller R&D projects. I hope this will encourage more businesses to engage with the regime." The scheme will be enhanced by standardising the investment period to four years for all investments, andThe Minister said these enhancements will help unlock more equity investment in smaller, early stage, businesses which are typically most in need of funding.
These changes will come into effect from January 2025 so as to allow for an appropriate transitional period. Minister McGrath told the Dail that the changes would bring the thresholds broadly into line with upcoming EU VAT registration thresholds.
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