Seán Fleming (Laois, Fianna Fail) | Oireachtas source

Finally, the last topic is the knowledge box and intellectual property, which we have mentioned a few times. The sector only started off last year and Revenue has said there was possibly only €5 million of taxable income or tax liability involved. In terms of companies that are entitled to half the corporation tax rate - 12.5% rate - such companies are entitled to the 6.25% tax rate. Those companies can also take a deduction worth 12.5% for revenue-type research and development expenditure. Also, they can get a credit that equates to 25% of the qualifying research and development expenditure, which is 37.5%. The top rate of tax for a company that earns income in that situation is 6.25%. Is that correct?