Annex 4: Summary of R&D tax incentives, 2008-2009 Country Corporate income tax rate large/small firm Rate on level Rate on increment Base for 1 increment Expense base Deducted from European Union and EEC Countries Austria special allowance capital allowance alternative refundable tax credit 25% 125% 115% 8% (+) 2 135% 3 yrs Current expenses Machinery, buildings Current expenses income Income Tax Belgium investment deduction withholding tax credit 33.99%/24.97% 13.5% 75% Machinery, buildings Research wages Income Withholding tax Czech Republic 21% 200% Current expenses Income Denmark collaborative R&D with universities France (refundable) R&D 100 M euro over 100 M euro 25% 34.43% 150% Current expenses Income 30% 5% Current expenses and depreciation Income Greece 25% 50% 2 yrs Current expenses Income Hungary tax credit with/at universities other R&D 16% 10% 400% 200% Research wages Current expenses Current expenses Tax Income Income Ireland R&D expenditure R&D buildings Italy tax credit collaborative R&D 12.5% 31.4% 20% 10% 40% 25% 2003 level Current expenses and machinery Buildings Current expenses and machinery Contracts Malta 35% 150% Current expenses Income Netherlands 25.5%/20% 14% large firm; 42 % small Poland credit for technology purchases 19% 30% large firm; 50% small Research wages Machinery Portugal 26.5% 20% 50% 2 yrs Current expenses Tax Tax Tax Tax Tax Income Tax Spain Tax credit Capital R&D 30%/25% 25% 10% (+) 42% 2 yrs Current expenses Machinery Tax United Kingdom Small company (refundable) Large company 28%/21% 175% 130% Current expenses Current expenses Income Income
Other Countries Australia - R&D allowance 30% 125% (+) 175% 3 yrs Current expenses and machinery Income Brazil - R&D allowance Canada (federal) Small company (refundable) Large company China - R&D allowance 34% 19%/11% 25% 160% Current expenses Income 20% 35% Current expenses and machinery 150% Current expenses Income Tax India - R&D allowance 33.9% Japan 39.5% 29.3% large (small) firm <10% research intensity 8% (12%) large (small) firm >10% research intensity 10% (12%) collaboration with universities and other R&D institutes 150% Current expenses and machinery 12% (15% small firms) Norway (refundable) 28% 18%(20% small firms) Turkey - R&D allowance United States (federal) 20% 35%/15% Current expenses and machinery depreciation Current expenses and machinery depreciation Current expenses and machinery depreciation Current expenses Income 200% Current expenses Income Maximum 20% 50% of Current expenses Tax current expenses NOTES: 1. Average over specified number of years 2. (+) In conjunction with volume tax incentive Sources: Compiled based on sources including Pro Inno Europe policy measures website http://194.78.229.57/index.cfm?fuseaction=page.display&topicid=262&parentid=52, OECD Science and Technology Outlook 2008, individual government publications and websites, R&D tax incentive alert websites and tax consultants. Tax Tax Tax Tax
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`$12!0B-!567!$3!V.4$9-'2&FL!S'&C.'#-!S'&0$4-F!S4-&1,-20! '2,!XVM!$3!PAT1/4$-#-/04$21/&F!12!'()*+),*-./01)2*3().)*4()*56/.4*7&0)8* 9&)$2* * JT$4-!0B'2!(KK!;#$<'#!/$=9'21-&!a!B'D-!-&0'<#1&B-,!567!/-20-4&!12!E2,1'!12! 0B-!9'&0!*!?-'4&F!'2,!=$4-!'4-!/$=12;@!a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``444<':&'%$)&":<0(7`=(7$`'":$/<&2A/a':bcFP*!! X'910'#!-89-2,10.4-&!='?!'#&$! C.'#13?!3$4!'!&-9'4'0-!3#'0!/4-,10@!!!! Y$!&0'=9!,.0?!$2!04'2&3-4&!$3!ES! 120$!E4-#'2,@!! d&a&"*!! M33-4&!'!3#'0!(K+!567!0'8!/4-,10! E2!)KKNF!b.21/B14$!T1='Q1F!'2!$331/1'#!34$=!b'9'2G&!T121&04?!$3!V/$2$=?F!A4',-F!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! (!JP.4D-?!$3!X.44-20!].&12-&&FL!].4-'.!$3!V/$2$=1/!"2'#?&1&F!7-9'40=-20!$3!X$==-4/-@!
* B(6"#%8* d&a&"* e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f.<!P/B-=-L! $33-4&!O@P@!/$=9'21-&!'!*>?-'4! 0'8!B$#1,'?!3$4!3$4-1;2!12/$=-! -'42-,!%10B!4-&9-/0!0$! P12;'9$4-><'&-,!567@!!! M33-4&!'!(KK+!,-,./01$2!$2! -89-2&-&F!'2,!!! E2/$=-!0'8!-8-=901$2!$2!567! 4-&.#0&! E2!)KKNF!b.21/B14$!T1='Q1F!'2!$331/1'#!34$=!b'9'2G&!T121&04?!$3!V/$2$=?F!A4',-F! '2,!E2,.&04?!B'&!4-9$40-,!0$!0B-!].4-'.!$3!Y'01$2'#!"33'14&!0B'0!+,-*&":*!.*#&/* %$)'$9*=&2*0%$&#$:*SEE@EEE*V(;2*&":*;((2#$:*5%(22*:(7$2#'0*A%(:60#*;8*c<P* #%'))'("*8$"*INLL*;'))'("J*(1$%*#=%$$*8$&%2<!! e(%$&*=&2*;$$"*7(1'"5*&55%$22'1$)8*#(*&##%&0#*9(%$'5"*+,-*'"1$2#7$"#@! 94$=$012;!2$0!$2#?!0'8!12/-201D-&!<.0!'#&$!$0B-4!<-2-310&!3$4!3$4-1;2!/$=9'21-&! #$/'012;!567!12!0B-!E2/B-$2!\4--!V/$2$=1/!Z$2-!HJE\VZLI@! S$#'2,G&!,-312101$2!$3!567!;-2-4'##?!/$23$4=&!0$!VO!#-;1&#'01$2!'2,!0B-!MVX7! \4'&/'01!T'2.'#!0B'0!,-312-&!567X!;.1,-#12-&@!!AB-!3$##$%12;!567!-89-2,10.4-&! '4-!-#1;1<#-c!!!! 5-=.2-4'01$2!$3!9-4&$22-#!,14-/0#?!12D$#D-,!12!567!94$`-/0!!! 7-94-/1'01$2!/$&0&!3$4!-C.19=-20!.&-,!12!567!'/01D10?!!! X$2&.#0'2/?!/$&0&!'2,!$0B-4!&-4D1/-&!#12Q-,!0$!567!!! ",,101$2'#!-89-2&-&!12/.44-,!,14-/0#?!3$4!0B-!567!'/01D10?!! E2!',,101$2!0$!0'8!12/-201D-&F!0B-4-!'4-!VO!'2,!2'01$2'#!<.,;-0!;4'20&!.9!0$!(KK+! $3!567!/$&0&@!!AB-4-!1&!'#&$!'!0-/B2$#$;?!/4-,10!%10B!94-3-4-201'#!120-4-&0!4'0-&! H4-9'?=-20!$3!$2#?!*K+!$3!0B-!/4-,10!/'910'#I!d!0B1&!1&!,-&1;2-,!0$!312'2/-! 0-/B2$#$;?!12D-&0=-20&!12/#.,12;!9.4/B'&-!'2,!,-9#$?=-20!$3!2-%!0-/B2$#$;?! '2,!94$,./01$2!$3!2-%!$4!=$,-421e-,!94$,./0&!<'&-,!$2!0B1&!0-/B2$#$;?@!!! E0!1&!9-4=1&&1<#-!0$!/$=<12-!D'41$.&!3$4=&!$3!0B-!'<$D->=-201$2-,!12/-201D-&!0$! ;-0!0B-!<-&0!12/-201D-!$99$40.2101-&!12!S$#'2,F!B$%-D-4!&0'0-!'1,!4.#-&!'2,! 4-;.#'01$2&!=.&0!<-!$<&-4D-,@!!! "//$4,12;!0$!P12;'9$4-G&!V/$2$=1/!7-D-#$9=-20!]$'4,!%-<&10-F!Y?'"5&A(%$* :($2*"(#*V62#*4$)0(7$*;62'"$22*':$&2f*'#*&0#'1$)8*2$$C2*&":*"6%#6%$2*#=$7<* g-!9#'?!b$&0!0$!'2?!&b'9-!'2,!&1e-!$3!-20-4941&-!'2,!122$d'01$2!d!&0'40.9&!%10b! #100#-!=$4-!0B'2!0B-!;-4=!$3!'2!1,-'W!;#$<'#!/$49$4'01$2&!%10B!#'4;-!567!0-'=&! '2,!/$=9#-8!94$,./01$2!$9-4'01$2&@L! * AB-!,-,./01$2!1&!<'&-,!$2!D$#.=-!$3!567!9-43$4=-,!'2,!0B-!12/$=-!0'8! -8-=901$2!1&!<'&-,!$2!567!4-&.#0&!.9!0$!567!-89-2&-&@! B(6"#%8* +,-*.&/*!"0$"#'1$* B(77$"#*.=&')&":* >"'#$:* e'"5:(7* >"'#$:*?#&#$2*!!! "##$%&!'!()*+!H0$!12/4-'&-!0$! AB-!OR!#-',&!0B-!%$4#,!12!'004'/012;!567!12D-&0=-20!<?!O@P@!'331#1'0-&!d!O@P@! (NK+!-33-/01D-!"941#!(F!)KK_I! &.<&1,1'41-&!&9-20!=$4-!0B'2!NS*;'))'("*("*>eM;&2$:*+,-!12!)KKN@!!AB-!()*+!,-,./01$2!3$4!567!-89-2&-&F!,-,./01$2!'#$2-!1&!0B-!-C.1D'#-20!$3!'!3#'0!:@*+!567!0'8!/4-,10@!!! 9#.&!'!(:*+!,-,./01$2!3$4!&='##! '2,!=-,1.=!&1e-,!/$=9'21-&! 3$4!567!-89-2,10.4-&!-8/--,12;! '!<'&-!'=$.20!$3!941$4>?-'4! 567!&9-2,12;@! X.44-20!OP!#'%!B'&!#'9&-,!<.0! 941$4!#'%!12/#.,-&!N!D-4&1$2&!'&! 3$##$%&c!!!! S4$D1,-&!'!='81=.=!(K+!/4-,10! 3$4!C.'#131-,!567!-89-2,10.4-&! 12!-8/-&&!$3!'!(h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f$%-d-4f!'##!0b4--!d-4&1$2&f!"e5x!'2,!"pxf!-8914-,!7-/-=<-4!n(f!)kk:@!!e0!1&! -89-/0-,!0B'0!X$2;4-&&!%1##!'00-=90!0$!4-2-%!0B-!/4-,10!0B4$.;B!'0!#-'&0!)KK_! '2,!)KKh@!!AB-4-!1&!'#&$!#-;1&#'01$2!0$!12/4-'&-!0B-!"PX!/4-,10!<-2-310!34$=!()+! 0$!)K+@!!! E2!)KK^F!X$2;4-&&!9'&&-,!3$4!0B-!314&0!01=-F!'!2-%!"#0-42'01D-!P1=9#131-,!X4-,10! Hi"PXiI!0B'0!,$-&!=-'&.4-!567!'/01D10?!';'12&0!;4$&&!&'#-&!4-D-2.-!3$4!'!(h_[> (h!<'&-!9-41$,!>>!4'0b-4!10&!3$4=.#'!4-3#-/0&!'!/$=9'2?g&!4-&-'4/b!&9-2,12;@! AB-!;4$&&!4-/-190&!3$4=.#'01$2!12!0B-!04',101$2'#!/4-,10!B'&!/'.&-,!04-=-2,$.&!,1&0$401$2&!3$4!=$&0!/$=9'21-&!'2,!10&!<-2-310!%'&!#1=10-,!3$4!/$=9'21-&!&./B!'&! E]TF!&$!E]T!B-#9-,!/4'30!0B-!"PX@!!!!!!!!!!