The research and development tax incentive is set to expire on September 30. In December National Treasury and the Department of Science and Innovation published a discussion paper reviewing the design, implementation and impact of the incentive. There are essentially two decisions to be made: Policy design The R&D incentive currently allows a company to deduct 150% of its qualifying R&D expenditure for an “approved project” from its taxable income.
” The annual progress reports submitted by recipients of the incentive contain the necessary data to measure the impact of the incentive, and therefore the DSI will in future withdraw approval for companies that fail to report. Treasury publishes tax expenditures in the annual Budget Review, and intends to break down tax expenditure by sectors in future. It is considering disclosing the companies that benefit from the incentive, depending on the taxpayer secrecy provisions.
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