Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael) | Oireachtas source

I thank all the Senators who spoke about the Bill for their very useful contributions and I have taken note of their questions. I remind Senators that the knowledge development box supports and encourages investment in research and development in Ireland. This is particularly important for SMEs and businesses dealing with them. The knowledge development box will support our smaller companies to be inventive and, therefore, competitive. This will in turn lead to job creation. There must be an add-on for SMEs if we are to compete in light of Brexit.Equally, it is very important our legislation and practice keeps pace with international developments in the area of patents. Patents are important business assets in world economies. By amending our patents legislation to introduce substantive examination, Irish patents will be granted in line with international best practice. Irish patents granted after the enactment of the Bill will be able to access the KDB. The Bill will place Ireland at the forefront of developments to build a strong base for innovation. It also will act as a stimulus for business and will send a signal that the Government recognises the value of intellectual property and is committed to providing a supportive environment for its development.

Senator Alice-Mary Higgins asked about the cost-benefit analysis of the scheme. The Minister for Finance, Deputy Michael Noonan, proposed and introduced the KDB scheme. The Department of Finance carried out an extensive consultation, including on the costs and benefits of the scheme. It is available from the Department. I am responsible only for implementing the scheme for SMEs.

Senator Aidan Davitt mentioned the safeguards in place for multinationals. All applications for the KDB are subject to Revenue audits. The certification scheme provided for in the Bill apples only to SMEs. The KDB applies automatically for patents and copyright software from 1 January 2016. These assets do not require certification from the controller.