Oireachtas Joint and Select Committees
Thursday, 1 June 2017
Public Accounts Committee
2015 Annual Report of the Comptroller and Auditor General and Appropriations Account
Chapter 13 - Revenue's Review of Medical Consultants' Tax Affairs
Chapter 14 - Research and Development Tax Credit
Chapter 16 - Deferral of Tobacco Stamp Liability
9:00 am
Mr. Niall Cody:
I understand perfectly. A feature of corporation tax regimes internationally is a research and development credit. Various member states in the European Union and countries outside the EU have formats of a research and development credit integrated into the tax system. I presume it is an efficient way of implementing the scheme. There are many things that we are involved in where one could say that a direct grant scheme might be a way of doing it. However, what one would also be setting up then is a parallel operation system. Ultimately, this is handled very efficiently within the self-assessment system. The companies claim it, do the process, and we check it.