tax credit tagged posts

EC Proposes Massive Tax Deductions for R&D

October 28, 2016 Taxation in EU

R&D Tax BreaksBRUSSELS – Newly proposed rules in the EU will see companies get tax breaks worth twice their R&D spending.

The European Commission has recently put forward a new proposal which would see significant tax deductions being granted to businesses involved in research and development activities in the EU.

Under the proposed new rules, any business with turnovers of over EUR 750 million, which is also a tax resident in the EU, would be eligible for a tax deduction on the full cost of their R&D spending.

Further, an extra 50 percent deduction will be made available for R&D expenses of up to EUR 20 million, with a further 25 percent on spending if spending exceeds EUR 20 million.

If a business which is a tax resident in the EU does not meet the size requirements, but opts to be part of the R&D d...

Read More

Ukraine Eyes Tax Credit for Foreign Film

July 22, 2015 Taxation in Ukraine

KIEV – The government of Ukraine is taking several fiscal measures to try and boost the national film industry.

The government of Ukraine may soon implement a tax incentives to draw filmmakers into the country, according to the head of the national state cinema agency Filipp Ilyenko.

The tax incentive will come in the form of tax rebate which will be granted to foreign productions filmed in the country.

The films will first need to meet several requirements, including spending thresholds and a cultural test to determine if the production holds any cultural value to Ukraine.

Priority will be given to productions where local firms a major co-production partner, but consideration will also be given to projects where local firms are a minority stakeholder.

No deadline was provided for the intr...

Read More

US Biofuel Needs Tax Credits

July 20, 2015 Taxation in USA

WASHINGTON D.C. – Manufacturers of advanced biofuels in the USA need tax credits in order to remain viable against their international competitors.

In a joint letter issued last week several US organizations involved in the research and manufacture of advanced biofuels requested the government of the USA extend tax credits previously provided such activity.

The letter claimed that the Second Generation Biofuel Producer Tax Credit, the Special Depreciation Allowance for Second Generation Biofuel Plant Property, the Biodiesel and Renewable Diesel Fuels Credit, and the Alternative Fuel and Alternative Fuel Mixture Excise Tax Credit are all invaluable to the industry.

It was added that since these credits expired earlier this year, competitors in other countries have gained a financial advant...

Read More

IRS Mistakenly Gives 132 Billion of Tax Credits

October 23, 2013 Taxation in North AmericaTaxation in USA

tax breaks in the USWASHINGTON D.C – The IRS’s inability adequately evaluate claims for tax credits has led to billions being given away every year.

Every year the Internal Revenue Service (IRS) gives out more than USD 11 billion in Earned Income Tax Credits to individuals whose incomes exceed the thresholds for the program, according to a report released on October 22nd by the US Treasury Inspector General for Tax Administration.

In total since 2003 the IRS has given out more than USD 132.6 billion in improper credits under the EITC program.

The ETIC is intended to provide financial assistance to low-income families, with an estimated 27 million households receiving in total about USD 62 billion annum.

According to the Inspector General, the complexity of evaluating and inspecting each ETIC applications ...

Read More

Wind Tax Credits Needed in the USA

September 20, 2012 Taxation in USA

Wind PowerWASHINGTON D.C. – The US government needs to extend the tax credits available to wind power producers, according to several prominent American companies such as Starbucks and Levi Strauss.

In a letter to the US Congress dated September 18th, 19 large companies from the USA called for extension to the currently available Production Tax Credit (PTC) for the generation of electricity from wind power.

The PTC, which is set to expire at the end of 2012, grants a tax credit of up to 2.2 cents per kilowatt-hour of energy generated from renewable wind sources.

The signatories to the letter claim that not extending the tax credit would not only effect the wind-power industry, but would also have adverse effects on American businesses, as the credit reduces the marginal costs for all American compan...

Read More