Research and Development Tax Incentive passes $1 billion milestone
Published: 25 August 2022
The Research and Development Tax Incentive has reached a key milestone by supporting over $1 billion in research and development activity. This represents $150 million in credits to businesses performing research and development in Aotearoa New Zealand.
Since its establishment in 2019 over 1,625 businesses have enrolled in the scheme, and the $1 billion investment in research and development represents over 800 approved claims from the first 2 years of the scheme.
The Research and Development Tax Incentive provides a 15% tax credit for businesses performing eligible research and development activities in New Zealand. The tax incentive supports research and development activity seeks to resolve scientific or technological uncertainty and is carried out in a way that’s both systematic and with a specific goal in mind.
Businesses can visit the Research and Development Tax Incentive website and take the quick quiz to see if they could be eligible for the tax credit.
Read the Minister's announcement(external link) — Beehive website
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