Ireland’s pro-business tax system is one of the cornerstones of its economy. It is one of the reasons why Ireland is such an attractive location for inward investment and global operations. The corporate tax rate is 12.5%, one of the lowest onshore tax rates in the world. Ireland also boasts a 25% tax credit on qualifying R&D expenditures on a net of grant basis. Ireland also participates in an extensive international tax treaty network and offers relief for foreign tax credits. Ireland is also investing significantly in reducing carbon emissions. This initiative is reflected in the accelerated tax depreciation allowances for energy-efficient equipment.