Irish agribusinesses are undersubscribing to a government 25% tax credit on R&D activities, according to an analysis by KPMG Ireland.
R&D work can be costly and this rebate allows companies to claim a 25% refundable tax credit on research and development.
In the analysis, firms from the agri-food sector account for just 1% of the distribution of government tax credits for R&D. Manufacturing companies account for the largest share, with almost 33%.
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According to KPMG Ireland, many agribusinesses may simply be unaware they have qualified for this tax credit through some of the R&D activities they have undertaken.
Qualifying activities for the credit include new product development, development of new plant varieties, advances in animal IVF technology, machinery improvements, improvements in the food production process, development of new digital technologies and environmental technologies and improvements in fertiliser products, as well as the development of new or improved livestock supplements.
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Irish agribusinesses are undersubscribing to a government 25% tax credit on R&D activities, according to an analysis by KPMG Ireland.
R&D work can be costly and this rebate allows companies to claim a 25% refundable tax credit on research and development.
In the analysis, firms from the agri-food sector account for just 1% of the distribution of government tax credits for R&D. Manufacturing companies account for the largest share, with almost 33%.
According to KPMG Ireland, many agribusinesses may simply be unaware they have qualified for this tax credit through some of the R&D activities they have undertaken.
Qualifying activities for the credit include new product development, development of new plant varieties, advances in animal IVF technology, machinery improvements, improvements in the food production process, development of new digital technologies and environmental technologies and improvements in fertiliser products, as well as the development of new or improved livestock supplements.
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