The Department of Finance has launched a twelve week public consultation process on the proposed knowledge development box which was announced by Minister Noonan in the budget of October 2014. The proposed scheme is essentially a specially low rate of corporate tax applicable to income derived from the exploitation of intellectual property. Commentators have suggested that the tax rate for the scheme will be set at around 5%, which is similar to the rate set by the Netherlands, but lower than the 10% rate currently offered by the UK. The consultation period closes on 8 April 2015, and interested parties are invited to submit their views on how the scheme should be designed. The consultation document is available at www.finance.gov.ie.