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Ireland is considered the most rapidly growing economy in Europe and is a focus of attraction for the attention of many western corporations. The attraction is derived, from many factors, including the following:
- A developed infrastructure - There is almost no point in Ireland that is more than 110 km. from a major air- or seaport.
There are three international airports in Ireland and six regional airports.
The country has 3 major seaports. The largest, in Dublin, and a number of the smaller ports have a direct connection with the European continent.
- A skilled work force - The skills in the hi-tech and industrial fields are found in a young work force with an average of age of 30.
- Generous tax laws - In many cases, the tax laws result in a corporation tax of only 12.5%. In addition, there are other tax schedules that allow a reduction of tax payments for foreign residents who are able to take advantage of a Double Tax Prevention Treaty.
- Relief in the form of grants for financing preferential projects. The results of this are highly perceptible on the ground. Many multi-national companies prefer to set up their development centers in Ireland.
Ireland Benefits for Investors
Benefits are granted in a number of forms, from tax at a reduced rate of 12.5% (from 1.1.2003), to grants and loans given by the IDA (the Industrial Development Authority).
Additional benefits for marketing promotion are given either as grants or as loans by the "State Export Board".
10% Corporation Tax
This tax rate is applicable to "old" activities:
Revenue from manufacture, till 2010.
Revenue from approved services in the area of the Shannon Airport, till 2005.
Revenue from the IFSE - the International Financial Services Center till 2005.
Ireland Grants to Manufacturers / Providers of International Services
The grants are awarded within the following limits:
Fixed assets - up to a limit for each project.
Training workers - the benefit is 100% of the cost.
Acquisition of technological expertise - 50% of the cost to a maximum limit.
Rent - 45% - 60% of the rent, depending on the area.
Feasibility study - up to 50% of the cost, to a maximum limit for each project.
Ireland R&D Tax Credit
A tax credit of 25% is given to qualifying R&D in 2009.The tax credit is in addition to the depreciation allowed.
The categories qualifying for R&D credits are natural sciences, engineering and technology, medical sciences and agricultural sciences.
Start up companiest in Ireland
For start up companies starting to operate in 2009 there is atax exemption for the first three years income if the annual tax liability is less than EUR 40,000.
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