In April 2020, the latest R&D Revenue statistics were released. This showed a continuation of the downward trend in the cost of the incentive over recent years. Down from a high of €708m in 2015 the figure now stands at €355m for 2018. In addition, 2018 saw a 13% drop in the number of applications to 1,303. Companies with up to 49 employees account for 65% of the 1,303 claimants but only 20% of €355m value of the R&D credit.
Improvements to the R&D tax credit regime, specifically directed towards micro and small companies, including increasing the available credit from 25% to 30% and making it available to companies who have yet to start trading have yet to be enacted. IRDG will continue to liaise with the Department on the likely implementation date and will inform members.