Knowledge Development Box: Who Qualifies and What You Get
Learn how companies with qualifying intellectual property assets can benefit from this specific tax framework in Ireland.
The Knowledge Development Box is a tax framework designed for companies that hold specific types of intellectual property.
Who it's for
This scheme is available to companies that own and manage qualifying intellectual property (IP) assets.
What you get
Using this scheme involves a specialized tax calculation regarding your assets. Because the process is technical, it is designed to reward the income generated from specific intellectual property.
What it costs you
There is no direct fee mentioned to access this scheme, but it does require significant time and resources to manage the necessary tax calculations.
The catch to know
The criteria for what qualifies as intellectual property are very specific. You cannot assume your assets automatically qualify, so it is essential to consult a tax advisor to confirm your eligibility.
How to apply
- Determine if your company's intellectual property meets the specific legal criteria.
- Consult with a tax professional to understand the calculation requirements.
- Prepare the necessary documentation for your tax filings.
- Work with the Revenue Commissioners to ensure compliance.