Ireland's Department of Finance has issued a release announcing an increase in the effective tax rate under the Knowledge Development Box (KDB) to 10% with effect from 1 October 2023, which is up from 6.25%. The rate has been increased due to the impact of the Pillar 2 Global Minimum Tax Subject to Tax Rule. The release also notes that Ireland is preparing to transpose the EU Minimum Tax Directive.
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Minister McGrath signs Commencement Order to implement Finance Act 2022 amendments to t…