TAX INCENTIVES FOR PATENTS

The reintroduction of tax incentives for patents and the launch of new initiatives to attract large-scale manufacturing are just two of the measures being urged on Government by the founder of Grant Engineering, an Offaly-based company employing 220 people.

Stephen Grant says the Government should reverse its predecessor’s abolition of tax breaks on patent royalties as part of its Jobs Initiative announcement on Tuesday, The Sunday Business Post reports.

“Patents are an expensive business. We have over 50 patents and they have to be kept alive,” he said.

Grant, a former winner of the Ernst & Young Entrepreneur of the Year award, is beating the drum for Ireland as a centre for manufacturing in Europe given the right legislative framework.

“The only way forward for Ireland is to create an environment that is conducive to manufacturing. There is no other way Ireland is going to recover. It has got to be manufacturing on a big scale, both indigenous industry and multinationals.”