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An Irish company registered a patent in the renewable energy sector. The company has incurred circa €10,000 in Research & Development costs last year. Some of these costs were billed from Spain. There are no other apartment from office room rental of €3,000 per annum. The company expects to generate €80,000 in patent income next year. At what rate of Corporation Tax will the company pay tax?

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Asked on 10 May 2019 11:35 am
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Patent income is pure income profit with no deductions allowable. The default position is that CT applies to non-trading income, including patent income, at 25%. If the company meets the conditions for knowledge box, the profits are taxed at 6.25%. See TCA 1997 s 769G-769R and Revenue site.
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Answered on 17 June 2019 5:42 pm