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2.3 MECHANICAL ENGINEERING
Ireland’s R&D tax credit system is ofmajor benefit to both multinational companies and SMEs operating in Ireland. The R&D tax credit was first introduced in Finance Act 2004 and offers a company undertaking R&D in Ireland a significant tax break, representing a potential 25% refund of costs incurred.This expenditure is also allowable as a Corporation Tax deduction, giving an effective deduction of 37.5% in a company’s tax liability.
Doherty, B.et al. (2019) Research & Development Tax Credit, Innovation and Knowledge Management module, School of Mechanical and Design Engineering TUDublin.
This article is the second of a three-part series of articles focusing on tax and engineering .It is derived from material delivered by GrantThornton to students taking the Innovation and Knowledge Management module in the School of Mechanical and Design Engineering TUDublin.