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The Medical industry is one of the biggest areas of research and development activity in the world. The R&D tax credits scheme offers companies conducting research and development credit of 25% of qualifying expenditure, reducing a company’s corporation tax. Despite this, many companies in the sector are still yet to claim R&D tax credits.
However, since the introduction of the R&D tax credits scheme in Ireland, there has been a 25% increase between 2014/15 and 2016/17 in the total amount of R&D tax credits claimed by pharmaceutical companies, and these encouraging figures are set to rise.
To qualify for R&D tax credits, your company must have a project which, through ‘basic research’, ‘applied research’ or ‘experimental development’, has sought a technological or scientific advancement in its industry, navigating a degree of difficulty within the European Economic Area. Tax credits apply to products, processes, materials, devices and services, so there is plenty in the medical industry which qualifies for R&D tax credits.
Revenue recognises many areas of the medical field as part of Medical Sciences. Pharmacology, as part of ‘basic medicine’, is one of the clearest examples. Although Revenue states that there is little ‘basic research’ conducted by Irish companies, this in no way limits the scope of eligible R&D activity in the pharmaceutical industry.
There is plenty of activity in the Irish pharmaceutical and medical industries which qualify for R&D tax credits, from the creation of a new drug to the packaging. Adapting and improving the product or process to be more efficient, cost-effective, sustainable or to yield greater results can all help your company make a claim for R&D tax credits. Although the process may seem daunting, there are plenty of options for help, from your accountant to dedicated experts who identify activity on which you can claim, saving you time and effort. Find out today if you could qualify by emailing us, and we’ll let you know.