Gerald Nash (Labour) | Oireachtas source

This is an area that would be of deep interest to Enterprise Ireland because it relates very much to the SME sector. The Minister is only too well aware of the importance of innovation in terms of accessing better markets, particularly in a post-Brexit situation, not that we are yet in such circumstances. That said, we are trying to diversify our markets all the time. Enterprise Ireland will clearly have an interest in this. I am sure Enterprise Ireland will keep information on the efficacy of this particular intervention for its client organisations and potential client organisations. It will be using this as a key policy for itself in driving innovation within the export sector. Obviously, this will be extremely important.

This initiative in general is one we should be proud of as a country because the OECD supports it. In terms of the BEPS process and so on, it is the first knowledge development box development to receive the support of the OECD. As Senator Mac Lochlainn correctly pointed out, our corporation tax system is under deep scrutiny nationally and internationally. This will be a very important development that will be closely watched but it needs to work for Irish SMEs. My suggestion was merely that Enterprise Ireland keep a close eye on this. I am sure it will have information on the efficacy of the measure for its client companies that will be publicly available and possibly a list or register of companies taking advantage of the knowledge development box incentives over the course of time.