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Cabinet Approves 20% Tax Deduction For Research And Development Expenses

Cabinet Approves 20% Tax Deduction For Research And Development Expenses

The Council of Ministers decided on Wednesday to grant a 20% tax deduction for research and development expenses in the framework of the program for attracting investments and businesses in Cyprus.

In statements after the meeting, Minister of Finance, Constantinos Petrides noted that this is a deduction that will be valid for three years, starting from the tax year 2022. He added that it is the second pillar of the program for attracting investments and businesses in Cyprus, "a program that seems to yield strong results".

In this way, he added, we support the growth and competitiveness of businesses.

He pointed out that the European Commission in its recent report on Cyprus stated that export of services to Cyprus, despite the blow to tourism, especially by high-tech companies and professional companies, contributed greatly to the economic growth of Cyprus.

Concluding, he said that with these programs, which fall within the long-term framework of a new growth model of Cyprus, "we believe that we will have tangible results, so that Cyprus turns into a technological destination, and we are moving towards this direction."

 

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