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Knowledge Development Box (Certifications) Act 2017 comes into operation

The Knowledge Development Box (Certifications) Act 2017 (the ’Act’) was enacted into Irish legislation, subject to Commencement Order, on 17 April 2017. The Commencement Order in respect of the Act was signed on 19 May 2017, bringing the Act into operation.

The Act extends the Knowledge Development Box regime (the ’KDB’) to small and medium sized enterprises (’SMEs’). To be eligible for relief, the Act provides that an application must be made by the SME in question to the Controller of Patents, Designs and Trade Marks for a Knowledge Development Box Certificate (a ’Certificate’). This Certificate will form part of the eligibility criteria for SMEs seeking to avail of the lower corporation tax rate under the KDB. Updated Revenue Guidance Notes on the KDB have not yet issued to reflect the Act.