S.L. 372.33 Art. 4Deduction.

(1) Where a company does not avail itself of the audit report waiver in accordance with rule 3, it may claim a deduction against its income of one hundred and twenty per cent (120%) of the costs incurred for such auditor’s report.

*These rules shall come into force with effect from accounting periods commencing on, or after 1 January 2024.

(2) The deduction under sub-rule (1) shall apply for the first two (2) accounting periods of a newly registered company whose sole shareholders are individuals in possession of educational qualifications and who have set up the new company within three (3) years of obtaining the said qualifications.

(3) The deduction claimed under this rule may not exceed seven hundred euro (€700) for each accounting period.