06 August 2008 17:22 [Source: ICIS news]
TORONTO (ICIS news)--German chemical industry association Verband der Chemischen Industrie (VCI) on Wednesday called on the government to grant an additional tax break for research and development (R&D) to strengthen the industry’s competitiveness.
Firms should be allowed to deduct 10% of their R&D expenses from their tax payable, VCI said.
In case of a loss the firms would be entitled to a tax credit.
The incentive would come on top of the existing treatment of R&D spending as a business expense, VCI said.
The measure would help make ?xml:namespace>
For 2008, VCI expected
The industry’s R&D spending had been rising by an average 5%/year since 1995, Oberholz said.
Currently, about one in ten jobs was in R&D and
Oberholz also called for more government investment in education.
In terms of gross national product,
($1 = €0.65)
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