On Monday 6th March I’ll be hosting a public meeting to discuss Brexit in the Fitzpatrick Hotel Killiney. All welcome.
The Minister for Jobs, Enterprise and Innovation, Mary Mitchell O’Connor T.D., the Minister for Transport, Tourism and Sport, Shane Ross T.D. and Minister of State Patrick O’ Donovan, T.D. today launched a public consultation on the resale of tickets for entertainment and sporting events.
The consultation is being undertaken in response to public concern at the resale of tickets for major entertainment and sporting events at a price often well in excess of their face value. It seeks the inputs and views of interested parties – consumers, performers and their representatives, promoters, sporting bodies, primary ticketing services providers, secondary ticket marketplaces and others – on possible measures aimed at securing fairer access to tickets for consumers.
The consultation paper looks in detail at a number of relevant aspects of ticket resale, including –
· the workings of the primary and secondary ticket markets for entertainment and sporting events,
· how tickets sold or allocated through the primary ticket market end up for resale on the secondary ticket market and who puts them for resale,
· the legislation regulating ticket resale in Ireland, other EU member states, the US and other countries, and
· what different stakeholders do, or do not do, to address the issues and concerns raised by ticket resale.
The paper further sets out, and seeks views, on a number of possible measures that might be taken by the parties involved in the organisation of entertainment and sporting events and in the primary and secondary ticket markets, and by Government, to ensure that fans who wish to attend major entertainment or sporting events do not have to pay exorbitant prices to do so.
Commenting on the launch of the consultation, Minister Mitchell O’Connor said; “We share the public concern at the resale of tickets for major events at inflated prices as seen most recently with tickets for the concert by U2 in July. While the resale of tickets for events characterised by high demand and limited supply is not new, the forms it takes have been transformed by the growth of online selling, including through secondary ticket marketplaces linked to primary ticket sellers. Though ticket resale has been the subject of considerable comment, there is a lack of reliable information about important aspects of the practice, including its incidence, the sources of tickets put up for resale, and the prices achieved, as opposed to advertised, on the secondary ticket market.”
Minister Ross said: “We have huge sympathy for the frustration experienced by genuine fans who feel they are being short changed by the resale of tickets, often at exorbitant prices, to popular events. While we most certainly need to consider legislation that will regulate ticket resale, we also need to be sure that any such legislation will be effective and targeted and will not give rise to unwelcome unintended consequences such as driving ticket resale underground or diverting it to other countries.”
Minister O’Donovan added: “Given that we are hosting some of the UEFA 2020 games and hope to win the bid for hosting the 2023 Rugby World Cup, it is vital we examine the issue of ticket touting at this time. Ultimately we want to ensure that sport and music fans get fair access to tickets, without any unintended consequences which may impact on the events or the economy. So I’d encourage all those interested to make submissions by the closing date of 31st March”
Tickets sold by venues, promoters and sporting bodies or by ticketing service providers authorised by them constitute primary ticket sales and the arrangements by which such tickets are sold constitute the primary ticket market. On the secondary ticket market, tickets previously sold or allocated through the primary ticket market are sold or offered for sale.
Ticket resale is now increasingly conducted on specialist ticket marketplaces which do not sell tickets or set their prices but facilitate sales between sellers and buyers for which they receive a fee from one or both parties to the sale. The main secondary marketplaces operating in Ireland are Seatwave which was acquired by Ticketmaster in 2014, StubHub which was acquired by eBay in 2007, and viagogo, a European based platform founded in 2006 by a former co-founder of StubHub. Tickets for entertainment and sporting events are also commonly offered for secondary sale on general online platforms or advertising websites such as DoneDeal, Gumtree (owned by eBay) and eBay itself as well as on social networks such as Facebook or Twitter.
Though ticket sale and resale are subject to general consumer protection legislation, there is no statutory prohibition of ticket resale in Ireland or regulation of the mark-up over the face value of tickets offered for sale on the secondary market. Ticket resale is also permitted in the UK and most European Union member states. Though a number of US states enacted legislation on ticket touting or ‘scalping’ as far back as the 1920s, the trend, until recently at least, has been for these restrictions to be repealed or curtailed. In December 2016, however, provisions aimed at combating the use of ticket purchasing software were enacted by the US Congress.
New figures from the Central Statistics Office show that the seasonally adjusted unemployment rate fell to 7.2% in December from 7.3% in November – the lowest level since August 2008.
The jobless rate has now fallen for seven months in a row and is down from a post-crisis high of 15.2% at the beginning of 2012.
It compares with a current euro zone average of 9.8%.
However it is still too high and I will be working hard with enterprise agencies: IDA, EI and Local Enterprise Offices, employers, unions, ISME, IBEC, Small Firms’ Association , Irish Exporters’ Association, other Government Departments and all stakeholders to further improve employment chances for people who want to and need to work.
IDA figures published yesterday shows that nearly 200,000 people working in Ireland now directly employed in Foreign Direct Investment Companies.
52% of all jobs announced were outside Dublin. I will be continuing to push the regional agenda so that there is a good spread of jobs right across the country. The pipeline for further jobs to be created by FDI is good.
Enterprise Ireland will be publishing their annual employment figures on Monday next.
Minister Mary Mitchell O’Connor has today welcomed the news that applications for patronage of a new primary school to be established in Dún Laoghaire in September 2017 are now open.
“My colleague The Minister for Education and Skills, Richard Bruton, T.D., has today invited school patron bodies/prospective school patron bodies to apply for the patronage of this new primary school.
“As a former teacher, education is always on my radar and this new primary school is a vital addition to the area. Parental preference and demand plays a big part in deciding patronage so I urge parents to get involved and have the chance to influence the patronage of this school.
“Dún Laoghaire is growing and thriving thanks to the hard work of Dún Laoghaire Rathdown Chamber, Dún Laoghaire BID, Digital Dún Laoghaire and other local driving forces. This is bringing new people into the area. It is important that the changing demographic is reflected in the patronage of this new school.
The school will be established in line with the requirements and criteria for the patronage of new schools. These requirements and criteria are published on the Department of Education’s website.
Parental preferences from parents of children living in the area, along with the extent of diversity in the area, will be key factors in deciding on the patronage of the school. As part of the process, parents have an opportunity to express their preference for their preferred patron body and also to express their preference for their child to be educated through the medium of Irish or of English.
Speech to Dublin Chamber, Friday 25th November
Friends and Colleagues.
Members of Dublin Chamber.
First let me tell you how honoured I am to address you this morning.
During these first six months in my job as Minister it has truly been a privilege getting to know the many heroes of Irish business. Businesses in both the public and private sector that drive our economy.
None more so than in the Chambers of Commerce across Ireland.
And of course here in Dublin.
You are the voice of Dublin business.
You provide a fantastic local and international business network.
And you inspire business learning and leadership.
I know that future challenges exist in a politically uncertain world.
This is no time for resting on our laurels or complacency – we made those mistakes before.
There are uncertain times ahead, but there are also exciting times ahead.
I believe we need to develop unity of purpose between the public and private sectors in Ireland.
As Minister, I want
– to improve our business environment,
– to help our companies scale-up,
– and most of all to achieve full employment
….so that everyone who aspires to a quality job can achieve it.
A job is only the start though.
I want to Dublin to be one of the
– most exciting,
– most entrepreneurial
– globally focussed cities in Europe
offering a lifestyle and quality of life unparalleled in Europe.
I believe that maintaining economic stability coupled with ambitious growth targets will help us on our way.
I want to acknowledge two recent milestones that have been achieved during my term.
The credit for these goes to the Irish people and business community who have driven this growth.
For the first time since 2008, over two million people are back working in Ireland.
Employment has grown by 56,500 in the last 12 months.
190,000 additional people are at work since the start of the Action Plan for Jobs Process in 2012.
And the unemployment rate is now at 7.9%.
Similarly, the live register has dropped below 300,000 for the first time over the same period.
In Dublin, employment levels are only 3% off what they were during their highest point. Unemployment was 13.4% and is now 7.5%. This is a good time to be doing business in Dublin as the economy continues to go from strength to strength.
It is clear based on a range of economic indicators, including arrivals at Dublin Airport, Dublin Port throughput, public passenger journeys, office vacancy rates, office rents and residential rents, that in many areas economic activity in Dublin is back at or close to peak levels.
I have spent my first six months assessing the business environment for threats and looking for opportunities to build on all of this progress.
My vision of our economy is one where the best and brightest Irish minds can – make and provide – world-class products and services – and sell them to the rest of the world at a profit.
I want us to strive to be
– the smartest,
– most productive
– and most innovative
….economy possible – to be global leaders in innovation.
To do this, we have to put people and skills at the heart of our economic strategy.
I want multi-nationals to come here because they know in Ireland they have access to one of the most talented and flexible workforces on the planet.
Equally though, I want Irish entrepreneurs to have the self-confidence to know that they are supported in finding and developing innovations and in finding and serving new markets.
I want Irish entrepreneurs to know that basing yourself here, you have the supports needed to take on global challenges.
Irish people are very creative; our next phase of growth will be about commercialising our creativity.
Our creativity as a business community is what will give us a competitive edge.
That is why, by the end of next year, I want both our main enterprise agencies, Enterprise Ireland and the IDA, to each bring their total job numbers to over 200,000.
This is very achievable in my view.
Despite all of the challenges on the horizon, I still maintain full employment is possible within the lifetime of this Government.
To achieve this we need to focus on two key elements – competiveness and capacity-building.
Winning new business and keeping the business we already have, requires a competitive edge.
This is the best way to build resilience and to insulate your business from any external shocks.
My view of competitiveness is not just confined to controlling costs.
– exchange rates,
– interest rates
– and oil prices
are all costs that we can’t control in this economy.
That is why our competitiveness strategy has to be about people and addressing the factors within our control.
– People and skills,
– human capital,
– creativity and innovation
…are essential to making sure we are always a step ahead of the rest.
We need to be at the forefront of global innovation and education.
By 2020, it is my ambition to bring Ireland into a top five ranking position when it comes to competitiveness.
So improving the skillset of the labour force is the best way to achieve this.
To that end, we must continue to focus on in-company training and development and workplace innovation.
We recognise that we need to continue to invest in the skills supply pipeline.
By investing in research and teaching in higher and further education.
We have to be ahead of the global curve for the exporting sectors where we hold an advantage.
In Dublin these sectors include
– financial services,
– ICT and digital content creation.
We are implementing our Innovation 2020 strategy.
I am currently setting targets with our research community to see significant increases in our post-doctoral and post-graduate researchers.
The world of work is changing rapidly.
Digitalisation is both a fantastic opportunity and a challenge for all businesses.
Digital technologies, combining data analytics, cloud computing and Internet of Things are changing:
– how goods are made
– and manufactured
– and how businesses serve their customers.
These technologies are also increasing the levels of competition in markets for customers.
New business models are emerging such as the sharing economy with the growth of Airbnb and Uber.
Public and private sector collaboration is vital to achieving the transformation needed to compete in the Irish enterprise base.
Investing in research is risky.
The State can help to reduce that risk by encouraging innovation at enterprise level.
I am currently reviewing the key markets and technologies that will be important for us for the future as part of a refresh of Research Prioritisation.
The other key item I’m focussing on for next year is the Action Plan for Jobs for 2017.
‘Towards full employment’ is my key objective.
As I already said, I believe we can achieve during the lifetime of this Government.
The preparatory work is well advanced.
I’ve selected certain themes that will form the key policy focus for my Department in 2017.
– improving productivity,
– quality of work,
– enhancing female entrepreneurship
…will all feature as key themes of the document.
I want our economic and competitive strategy as a country to be based on people and the skillset of the Irish work force.
We are among the most dynamic workforce in the world and with 40% of our population under 30.
We can have a bright future.
Now, when I look at the current economic challenges of our capital city, it is clear that success is bringing its own challenges for Dublin.
We need to manage the expansion of our public and private transport around the city.
We need to accelerate new house supply to avert risks to our competitiveness.
We need to catch-up to address the needs of a growing economy.
I’m working with my Cabinet Colleagues to ensure that the enterprise and competitiveness needs are prioritised.
The most immediate priority is housing.
The Dublin skyline is dotted with cranes and building much needed office and commercial premises.
We’re generating a large number of jobs in Dublin.
And we need to ensure we have sufficient places for the people in those jobs to sleep and live. This has real potential to frustrate the economic recovery.
The Government’s plans in this area are well known as published by Minister Coveney in Rebuilding Ireland.
This plan has the confidence of the construction sector.
There are some really exciting developments underway such as those in the SDZs of Cherrywood and the Dublin Docklands.
I believe the long-term potential is there to reinvent what we consider urban living in Dublin.
From my perspective, as Minister, we need to ensure that we have plan quality urban living around our enterprises and job creation hubs.
Dublin needs to become a smart city that enables easy access for all of our people to:
– and play.
Only this week, the Phoenix Park tunnel has opened to daily rail passengers for the first time.
We are just twelve to eighteen months away from having our two Luas lines linked.
It’ll be possible to travel from Cherrywood to Maynooth, Heuston station or Howth with limited transport changes.
Added to this are the future plans for Metro North.
I see the potential for Dublin to become much more pedestrian and public transport friendly in the years ahead.
I’ll also briefly mention water.
It’s a huge issue for the Greater Dublin Region in the near future.
All I will say is having a national water company will make solving Dublin’s water capacity issues far easier.
Dublin local authorities can’t be expected to develop a solution in isolation.
Plans are well advanced for finding a new water source for Dublin.
This will secure the economic potential for the next few decades.
I know these areas are outside my own direct policy remit.
But we want to base our economic strategy on people and there is an onus on us as a city, to provide a high quality of life to people.
London, Zurich, Copenhagen, Vienna, Frankfurt, Singapore – these are the cities which we will be competing with for investment.
– access to schools,
– public transport,
….these will form an increasing part of the major investment pitch for Dublin and Ireland in the years ahead.
Capacity-building to cope for employment growth is one of our most immediate goals.
We will need this if we are to take advantage of the opportunities that Brexit may offer Dublin.
Now speaking of Brexit, this is a word we will have to get used to using for the next three to four years.
If not longer. Whenever you hear the word ‘Brexit’ you can expect to hear either ‘Uncertainty’ or ‘lack of clarity’.
This uncertainty makes business and economic planning considerably difficult.
While the UK is still to set out what the Brexit will mean for it, we shouldn’t see Brexit as a single event.
Brexit will permanently realign the political and trade relationships between Britain and Europe.
All of us will have to reposition ourselves towards a new ‘normal’.
The sectors that are most exposed to Brexit include our retail, food, construction and tourism sectors.
There are approximately 100,000 Irish jobs directly linked to UK exports.
That accounts for more than a third of our overall exports.
Having recently visited three London Ministers in Whitehall, it is still unclear what type of trade relationship they are looking for with Europe.
They’ve a clear desire for free trade.
They’ve no interest in returning to a world of extensive trade barriers.
I expect, in time, they will seek a bespoke agreement with Europe.
I don’t think they’ll seek to trade on any existing model of trade such as Norway, Switzerland, Canada or Turkey.
Whether this will be accepted across Europe remains to be seen.
However, as a Government Minister, I will not be shy or coy about seeking the most advantageous outcome for Ireland in those negotiations.
We owe that to our people.
Our enterprises have built up resilience over the last eight years.
However, I know that companies will also need assistance managing through the challenges of Brexit.
Having met with the various business organisations, many companies have very different asks.
– some want low-cost finance,
– some want assistance with hedging
– and so on.
There is not one approach, but it will require different solutions in different sectors.
My Department has started a series of focus groups with key stakeholders that will form a wider and deeper quantitative survey.
I want to ensure that whatever response Government provides, it is both targeted and appropriate to company’s needs.
There is little point in me as Minister prescribing a Brexit response.
It has to come from the specific sectors across the economy.
Currently, I am working with Enterprise Ireland, to develop targeted, evidence-based responses that will help companies diversify and find new markets.
We’ll do this by engaging with:
– all stakeholders
– in all sectors
– across all regions.
To cope with Brexit, Irish companies will have to internationalise to a greater extent.
This is why trade agreements like CETA between Europe and Canada are so important.
Despite global events, we cannot underestimate the importance for free trade for job creation in Ireland.
Having just returned from a trade mission to both China and Japan, much of the world’s growth in spending will be in the East.
As a country that produces
– biopharma goods,
….we need continued access to world markets.
If the world’s political forces were to halt or stymie free trade, Ireland would suffer more than most.
That is why, we remain firmly
– committed to EU membership,
– committed to free and fair trade
– and committed to global market opportunities.
We’re entering a period of significant challenges, yet I remain ambitious.
Full employment is the major goal of my Department.
I believe with the strength and spirit of the Irish entrepreneurial community, full employment is possible.
Providing economic opportunity for people is the reason I got into politics.
To change people’s lives for the better.
We have shown the ability to take on the world and succeed.
Let’s not stop now.
Let’s continue to be
– and determined
…..as we face global challenges.
I am honoured to be in the position that I am in.
I intend to make the most out of it for all.
Go raibh mile maith agaibh go leir.
“My colleague, Minister for Health, Simon Harris, today announced €2.7 million in Health National Lottery Grants for community and voluntary organisations across Ireland.
“Over 120 community groups and voluntary organisations have received funding to support their work.
“Three organisations in Dún Laoghaire will benefit from this round of grants:
LauraLynn Ireland’s Children’s Hospice, €32,292.00 to purchase new vehicles.
The Down Syndrome Centre, €11,200.00 to provide SKIP therapy for children.
Arthritis Ireland Dun Laoghaire Rathdown, €2,932.00 to roll out the “Be Active with Arthritis” programme.
“This funding will make a real impact on the services that volunteers and groups can deliver and help them continue to make a difference to the lives of the many people who use these services.
“As the economy continues to recover, Fine Gael is determined to ensure that the benefits of this recovery are felt in every community across Ireland and I am determined to ensure they’re felt across this constituency.
“As a Government Minister and TD for Dún Laoghaire, I am working hard to ensure that the Government delivers. We are using the economic progress to make people’s lives a little better, and funding allocations like this one are very much part of that.”
Sports Capital Programme 2017 is to commence no later than January 2017
Mary Mitchell O’Connor, Minister for Jobs, Enterprise and Innovation, and TD for Dun Laoghaire constituency, has welcomed the news that applications for the 2017 round of Sports Capital Grant funding will open in the near future.”
“This week in the Seanad, the Minister of State for Sport Patrick O’Donovan confirmed that the application process for the Sports Capital Programme for 2017 will be open by January at the latest. “
“Clubs and organisations will be given a number of weeks to complete the application process, but they should start preparing for their application now. The only way to apply for grants under the Sports Capital Programme is the OSCAR (Online Sports Capital Register) which is accessible at www.sportscapitalprogramme.ie All applicant clubs and organisations require a Tax Registration Number (TRN) for their particular club/organisation. It is not permitted to use the TRN of a national governing body or other organisation.”
“Minister O’Donovan will be announcing more comprehensive details of the new round shortly, including the relevant deadline dates. For an application to be successful clubs and organisations must contribute a proportion of the project costs from their own funds, and submit a large amount of supporting documentation and so it takes some time to be prepared. “
“Many clubs and organisations in Dún Laoghaire and surrounding areas benefitted from large grants under the Programme including Blackrock College RFC, Cuala GAA, Dalkey Scuba Divers, Monkstown FC and St. Michael’s Rowing Club. A great many smaller clubs and organisations in the constituency have also benefitted over the years.”
“The Sports Capital Programme was re-instated by the last Fine Gael government in 2012, after they’d been cut by Fianna Fáil in the wake of the economic crash. I was delighted to hear it confirmed in Budget 2017 that the grants would resume again next year. The sports capital programme represents an excellent value for money investment. It is crucial we invest in sport and the health of our population, particularly with obesity is on the rise. Investing in sport is good for the health of the nation, both literally and economically.”
“Fine Gael in Government is using our economic progress to invest in communities around the country and ensure that everyone can benefit. Sport is just one important element of this. So far this year, over €22.8 million has been paid out through the excellent Sports Capital Programme to 680 organisations across the country in order to support the development of sports facilities and the purchase of sports equipment.”
Dublin-based company will grow workforce from 80 to 140 over the next twelve months;
Jobs boost comes following major international deal with German car manufacturer Audi;
Announcement made by An Taoiseach, Enda Kenny TD and Minister Mary Mitchell O’Connor this morning;
Microsoft CEO Satya Nadella called Cubic “a fantastic example of an Irish start-up that has built something significant for the world” on a recent visit to Dublin.
Irish global connectivity platform provider, Cubic Telecom, today announced the creation of 60 new jobs at its Dublin office, meaning that the company will grow from 80 to 140 people over the next twelve months.
The jobs announcement was made by An Taoiseach, Enda Kenny TD and Minister Jobs, Enterprise and Innovation, Mary Mitchell-O’Connor TD at a breakfast event at the CHQ Building in Dublin.
In their new partnership Cubic Telecom and Audi are bringing the first connected cars to Ireland and are promoting connected services across Europe through one SIM card specially installed into each Audi model, thereby creating an in-car Wi-Fi hotspot.
The SIM card allows 100Mbps high-speed internet access on the road, letting drivers and passengers avail of online services including Google Street View, traffic and parking information, and a range of infotainment features, including email, calendar and social media integration.
The first generation of Cubic-enabled Audi vehicles launched earlier this summer in Europe and are now available in Ireland.
On a recent visit to Dublin, Microsoft CEO Satya Nadella pointed to Cubic Telecom as an innovative Internet of Things company on the global stage, calling it “a fantastic example of an Irish start-up that not only has built something that is significant for Europe, but worldwide”.
Speaking at the event, An Taoiseach, Enda Kenny TD, said: “Cubic Telecom is a brilliant example of an Irish company excelling on the world stage, and its partnership with a global brand like Audi is further testament to this. This announcement is yet more evidence that the Irish economy remains productive and innovative and our indigenous tech sector is growing from strength to strength.”
Minister for Jobs, Enterprise and Innovation Mary Mitchell-O’Connor TD, said: “Today’s jobs announcement by Cubic Telecom is very welcome. Cubic is a prominent and important Irish owned software company that is leading in its sector. Cubic Telecom’s expansion is a testament to the growing skilled Irish workforce. Ireland is fast becoming an international leader in business and a world-class innovator in some of the technology sector’s most exciting and disruptive new fields. The government with Enterprise Ireland will continue to support Cubic Telecom as it grows and develops global partnerships, cementing its position as leading the way in the area of in-vehicle connectivity. I wish Cubic and their team the very best for their bright future.”
Barry Napier, CEO of Cubic Telecom, said: “Cubic is enabling in-car connectivity on an international scale through partnerships with tier one mobile operators. Our expanding company will help us innovate further in the Internet of Things space, and create industry-leading products and services. The future is ripe with potential and we look forward to taking Cubic technology global.”
Henning Dohrn, Managing Director of Audi Ireland, said: “Tech is powering the next revolution in motoring and our partnership with Cubic Telecom is one of its key instigators. Cubic Telecom distils Audi’s connectivity down to a single SIM card, providing Audi drivers hassle-free access to useful online services, making their drives more convenient and efficient.”
Recruitment has already begun for roles across software development, network engineering and commercial departments. The company expects to have all 60 roles filled by December 2017.
About Cubic Telecom
Cubic Telecom is a global connectivity platform company that offers flexible mobility solutions that power connectivity for leading Internet of things (IoT), machine-to-machine (M2M) and mobile device companies across the globe. The company enables users to offer not just products, but post-sale services – building a lasting and ongoing relationship with end-users. Providing connectivity in over 100 countries; the most robust network, device and retail partnerships worldwide; and flexible over-the-air (OTA) device management; Cubic Telecom enables global scalability with local connectivity anytime, anywhere.
Based in Dublin Ireland, Cubic Telecom’s partners and customers include some of the world’s leading Fortune 100 tablet and notebook manufacturers, retailers, M2M and automotive companies. The company launched its connected platform in 2012 and is privately held with over $37.1 million in funding by Audi, Qualcomm and Sierra Wireless, among others. For more information, visit www.cubictelecom.com.
About AUDI AG
The Audi Group, with its brands Audi, Ducati and Lamborghini, is one of the most successful manufacturers of automobiles and motorcycles in the premium segment. It is present in more than 100 markets worldwide and produces at 16 locations in twelve countries. In the second half of 2016, the production of the Audi Q5 will start in San José Chiapa (Mexico). 100-percent subsidiaries of AUDI AG include quattro GmbH (Neckarsulm), Automobili Lamborghini S.p.A. (Sant’Agata Bolognese, Italy) and Ducati Motor Holding S.p.A. (Bologna, Italy).
In 2015, the Audi Group delivered to customers approximately 1.8 million automobiles of the Audi brand, 3,245 sports cars of the Lamborghini brand and about 54,800 motorcycles of the Ducati brand. In the 2015 financial year, AUDI AG achieved total revenue of €58.4 billion and an operating profit of €4.8 billion. At present, approximately 85,000 people work for the company all over the world, about 60,000 of them in Germany. Audi focuses on new products and sustainable technologies for the future of mobility.
Minister for Jobs, Enterprise & Innovation, Mary Mitchell O’Connor, is set to enable Irish SMEs involved in research and development activities, avail of the Knowledge Development Box taxation scheme.
The scheme, which sees profits from Irish inventions resulting from R&D activities in Ireland taxed at 6.25%, is to be made available to SMEs through a certification process overseen by the Patents Office.
Minister Mitchell O’Connor was given Cabinet approval for the publication of a Bill entitled Knowledge Development Box (Certification of Inventions) Bill 2016 to allow small and medium sized companies to avail of the Knowledge Development Box. Under the new scheme, the Patents Office will be the body certifying applications for inventions under the new certification scheme to check that they meet the criteria of being novel, useful and non-obvious.
The Bill, which is hoped, will be passed before the end of the year, will open up the opportunity for companies across a broad spectrum to pay lower taxes on profits from Irish-based research and development activities. This includes companies in incubation units right through to high-potential start-ups in all industry sectors once they are generating income resulting from research and development activities.
The Minister for Jobs, Enterprise and Innovation Minister, Mary Mitchell O’Connor, says the scheme should serve to significantly boost Irish innovation and investment in research and development.
“The aim of this is to boost and encourage Irish-based innovation. Developing new innovative products is high risk and can often take time to develop. This scheme will allow a company or a start-up re-invest in their business as they will be able to retain a greater proportion of their earnings. This is something that can specifically drive innovation in the Irish SME sector”.
“Furthermore, I see this scheme as assisting those companies that wish to scale-up. We have many terrific companies developing innovative products but are sometimes bought out before they develop their full potential. This scheme will assist companies achieve scale. Innovation is at the heart of our economic recovery and growth and when this legislation is enacted we will have in place a Knowledge Development Box to suit the needs of all enterprises, large and small,” said Minister Mitchell O’Connor.
Helpful Notes :
Companies with income arising from intellectual property of less than €7,500,000 annually will be able to participate when the Bill entitled legislation Knowledge Development Box (Certification of Inventions) Bill 2016 is effected which will be of direct benefit to companies of a relatively lower scale, with global income of less than €50 million.
Ireland is the first country world-wide to offer an OECD compliant Knowledge Development Box (KDB) offering certainty to global and Irish owned enterprises. The OECD nexus approach sets out the principles and guidelines under which income arising from Intellectual Property assets can qualify for a lower rate of tax under a KDB initiative. Ireland’s KDB rate is 6.25 % (half of the corporation tax rate of 12.5 percent) and is internationally competitive.
What is the Knowledge Development Box?
The KDB is a tax incentive policy tool to encourage innovation by applying a lower rate of corporation tax i.e. 6.25% on profits on intellectual property assets resulting from qualifying research and development carried out in Ireland.
Minister for Jobs, Enterprise and Innovation, Mary Mitchell O’Connor TD and IDA Ireland today welcomed the announcement by Deutsche Bank that the company has opened a data lab in Dublin that will create 40 new jobs. The company also announced plans to create a further 125 Technology and Operations roles in Dublin supporting its Global Markets and Corporate & Investment Banking divisions.
The data lab, known as The Hive, will be a global centre of excellence for the Bank.
Minister Mary Mitchell O’Connor, in warmly welcoming this investment, said “this project by Deutsche Bank represents a great vote of confidence in Ireland and its attractions for Financial Services companies. The new data lab builds on the bank’s strong investment and job creation here over recent years and the provision of an additional 165 quality jobs is very welcome indeed. The Government has been making strenuous efforts to ensure that we have the right conditions in place in Ireland to continue job creation across the country. I look forward to a long and fruitful engagement with the company over the coming years and I am confident that this decision will be mutually beneficial for the company and for Ireland”
Commenting on the addition of the Data Lab and expansion planned by the bank for Dublin, Mr Martin Shanahan, Chief Executive of IDA Ireland said: “Deutsche Bank’s choice of Dublin for its new data lab is a great endorsement of the technology talent and expertise here. The addition of another 125 jobs following on from the company’s announcement of 700 jobs just three years ago clearly shows potential investors that Ireland is a compelling location for international financial services where global companies can build large teams in a relatively short space of time due to the quality of the workforce available to them.
“A key part of IDA Ireland’s international financial services strategy is to attract more investment in the FinTech space. Dublin’s track record in international financial services and technology cluster creates a business environment for companies to develop and implement their innovation strategies. IDA is determined to win more investment for Ireland in this area,” concluded Mr Shanahan