Tax benefits for companies: How long is the law encouraging investment in science, technology and innovation in effect?

Law No. 30309 has been in effect since 2016. Scientific Research (I), Technological Development (D) and Technological Innovation (i) and to encourage private investment in these areas. This gives Peruvian companies investing in science, technology and innovation an additional deduction in the calculation of their annual Income Tax payment.

This benefit not only strengthens the competitiveness and productivity of organizations, but also encourages the development of high-impact projects for the country. A higher estimated investment than anticipated has been made since the regulation came into force. 219 million soles A total of 130 projects from 89 companies were approved. Of the approved projects, 38 are carried out in regions, primarily La Libertad (agribusiness) and Arequipa (mining).

Except for the first two years of the pandemic, the trend of project applications increases during the validity period of the tax incentive. But this year it’s growing again: 22 projects have been approved by the National Council for Science, Technology and Technological Innovation (Concytec) so far in 2022.

How long has the law been in effect and why is it important to protect it?

The rule promoting this tax benefit for R&D investments is only in effect until December 2022 and has been requested from the Republican Congress. Extended until December 2025.

For this Act to be extended, it must be approved by Congress, which issued the positive opinion of the Ministry of Economy and Finance (MEF) in September. Currently, the Draft Law No. 3156/2022-PE (Law Amending Law No. 30309, Law Encouraging Scientific Research) is in Congress to be approved in the general assembly.

Having a tax benefits law for science, technology and innovation research is essential to continue to encourage private sector investment in these areas and to build capacities in these areas. science and technology In the country as stated by Concytec.

In addition, Concytec emphasizes that it is important for the Government to provide the necessary tools to encourage R&D activities through both direct subsidies and tax incentives, which are part of a mixed policy that is a common denominator in OECD countries. companies choose the mechanism that best meets their needs.

How to apply for tax advantage for investment in innovation?

The application is open to taxpayers who declare third category income (business activities) and micro, small, medium and large companies with R&D projects.

The specific benefit consists of an additional deduction from Income Tax for expenditure on R&D projects, whether or not related to the line of business, even if the product of the project is not successful. The deduction will be made according to the net income of the company and can be up to 50%, 75% or 115% of the expenses incurred in these types of projects.

Applicant projects must be qualified and have Concytec’s approval. The following steps should be followed to apply:

1) Access Concytec DANI platform to get username and password.

2) Access to this data Concytec Virtual Platform.

3) Format No. Fill in 1.

What other benefits can this Act bring to companies in the country?

Law No. 30309 allows companies to continue to carry out R&D projects and innovative culture as a strategic axis to increase productivity and competitiveness.

Likewise, considering that this Act allows companies to invest in projects that may or may not be related to their business, Concytec hopes that companies will be able to resolve various problems identified in their own organization or in the social environment in which they interact.

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