Since 2002, the Norwegian government have introduced an R&D tax deduction for Norwegian companies that conduct R&D projects, “SkatteFUNN” . This incentive allows companies to deduct 19% of the project costs as a tax deduction for R&D activities in an approved project. The Research Council of Norway assess the R&D project to allow or not the deduction.
The aim of this tax deduction is to promote R&D growth in Norway and encourage investment in R&D and boost the economic growth. The company can get a research and development tax deduction, irrespective of their type of R&D projects. This is a clear intention from the government to encourage companies to take benefit of this scheme.
Qualified R&D expenditures related to R&D tax deduction and tax credit are based on the concrete R&D activities, aiming at achieving the acquiring new scientific or technical knowledge and understanding. The definition of R&D is in line with the OECD Frascati Manual, It includes fundamental research, applied research, development work, and feasability studies.
This company is working on a new process that will allow their industrial production to be more efficient while they will low their energy consumption of 37%.
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As the European leader regarding the R&D incentives Leyton identifies eligible R&D projects and prepares exhaustive supporting documentation throughout the end-to-end process:
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At Leyton we use our innovation funding expertise to deliver tax relief claims as an end-to-end service. We provide full project management from initial engagement through to benefit. Our tax experts have a wealth of experience working with businesses to help them claim through the R&D tax &SSC relief scheme and will put together the technical report enabling you to submit your claim. Leyton worked with 5,000 clients last year.
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