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OECD signals its support for plan

THE OECD has signalled support for the Government's plan to introduce a so-called "Knowledge Development Box", but warned that the devil would be in the detail.

Pascal Saint-Amans, the director of the Centre on Taxation Policy at the Paris-based Organisation for Economic Cooperation and Development, said it was "common sense" for the Government to wait for the conclusion of an examination of patent box schemes elsewhere by Europe before moving.

Ahead of an international tax conference he is due to address in Dublin today, Mr Saint-Amans said the closure of the Double Irish was significant, "but not a revolution".

"It's a timely move, a very timely move," he said. The Government closed the tax avoidance strategy in the Budget.