19 August 2009 20:34 [Source: ICIS news]
TORONTO (ICIS news)--Germany needs to match other countries in providing tax breaks for research and development (R&D) in order to help ensure the competitiveness of its chemicals sector, a top industry group said on Wednesday.
German chemical industry association Verband der Chemischen Industrie (VCI) said that firms should be allowed to deduct at least 10% of their overall R&D expenses from their tax liabilities.
In case of losses, firms should get a corresponding tax credit for those years, the group said.
BASF board member Andreas Kreimeyer, who heads VCI’s research, science and education group, said that especially in the current tough economic situation chemicals producers must be able to maintain spending on R&D.
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Kreimeyer also warned the government against introducing laws that could hinder the development of nanotechnology in
According to the Frankfurt-based association,
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