The annual report from The Research Council of Norway shows that 169 projects in Aust-Agder County received tax credit from Skattefunn last year, representing a 12 per cent increase compared to 2016. For Vest-Agder County the number of Skattefunn projects in 2017 was 228, which is an increase of 11 per cent.
In total, SkatteFUNN provided NOK 228 million in tax reductions for companies in both Agder counties last year.
The Skattefunn R&D tax incentive scheme is a government program designed to stimulate research and development in Norwegian trade and industry. The incentive is a tax credit and comes in the form of a possible deduction from a company’s payable corporate tax.
The principle is simple: Innovative companies should pay less taxes that those who are not.
NEW KNOWLEDGE, SKILLS OR CAPABILITIES
All branches of industry and all types of companies can apply for support from Skattefunn. To be eligible to apply, the company must seek to develop a new or improved product, service or production process through a dedicated R&D project. The project must generate new knowledge, skills and capabilities within the company.