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8 April 2009

Tax Reliefs for Purchase of Intellectual Property Introduced

Minister for Finance, Brian Lenihan, today detailed his Budget to ensure Ireland's financial stability in the coming year. Tax reliefs for the purchase of Intellectual Property were among the measures introduced to stimulate the economy.

The Minister noted the increased importance globally of intellectual property and in consequence plans to introduce a scheme of tax relief for the acquisition of intangible assets, including Intellectual Property.

The Government will also implement measures through investment and incentives to reach an R & D target of 2½% of GNP by 2013. Ireland has already trebled its economy wide R&D spend over the last decade. It is now around €2.5 billion of which some two thirds comes from the enterprise sector.

The Minister stated "It is not just a matter of saving jobs where we can but of re-orienting the economy to produce the export-led growth we must achieve."

The details of the scheme will be published in the legislation giving effect to the Budget provisions.