Several positive changes have been made to the research and development tax incentive that is currently the only policy instrument aimed at promoting innovation-led growth in South Africa. The incentive will also be extended for another 10 years beyond December 2023. Although the refinements and extension are certainly welcomed, industry players believe there is still room for improvements that will bring SA closer in line with other countries that offer more attractive incentives.
Still too rigid? Although the application has been moved online, it remains a pre-approval process with a panel comprising officials from Treasury, the Department of Science and Innovation and the South African Revenue Service evaluating all applications beforehand. Given the diverse set of views from these decision-makers, some industry players believe they have tried to build all their check boxes into a system.
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