Peru Offers Tax Break For Scientific R&D
The Peruvian Government has announced a tax break for companies that invest in scientific research and development and technological innovation.
As of January 1, 2016, companies will be able to deduct up to 175 percent of their expenses against income tax when they invest in projects approved by the National Council for Science, Technology, and Technological Innovation (CONCYTEC). Authorization of a project by CONCYTEC will remain valid for four years.
The tax incentive is part of a government initiative to diversify the economy. Piero Ghezzi, Minister of Production, said that the measure is intended to help build a culture of innovation in the country.
The Minister said that the tax break will be available to companies operating in any sector. He said that it is hoped that around 200 projects will be approved under the scheme in the first year of its operation.
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