On June 15th, 2022, the 6th Annual Standardized Development and Promotion Conference of the electronic cigarette industry, hosted by the Electronic Cigarette Professional Committee of the China Electronic Commerce Association, along with the 1st Export Service Development Conference, was held grandly at the JW Marriott Hotel in Bao'an, Shenzhen. Chief Representative of the Investment and Business Office of the Embassy of Ireland, Wang Lei, gave an authoritative elaboration on the market situation, regulatory policies, industry development, and significance in Ireland, and expressed a willingness to exchange ideas with China's vaping industry in the future.
Wang Lei, Chief Representative of the Investment and Business Department of the Irish Embassy, comes from the Irish Investment Development Agency (IDA), a government agency under the Ministry of Business and Technology. Established in 1969, IDA is one of the most important government departments in Ireland.
According to Wang Lei, Ireland's GDP growth rate for the full year of 2021 is 13.5%, while the GDP growth rate for the first quarter of this year is 11%, and per capita GDP is set to surpass 100,000 US dollars. He also emphasized that Ireland's FDI policy is friendly to foreign investment, and the corporate income tax rate is 12.5%. For companies with a turnover of over 750 million euros, Ireland will levy a minimum of 15% in accordance with OECD requirements. However, regardless of the fee applied, the government will cover a quarter of the R&D costs for companies, which can be directly deducted from their costs and taxes.
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