So you can apply to tax benefits for investing in innovation
For almost three decades, companies in the country have had access to an option to obtain tax benefits when they make investments and carry out projects related to science, technology and innovation.
This tool, which was born in 1992, has become an alternative to strengthen the digital transformation processes within the Colombian business sector. This is what Augusto Ruiz, an expert in the application of tax benefits and finances, points out.
(You may be interested: After Uber’s decision in the United Kingdom, what will happen in Colombia?)
“This type of instrument helps to promote technology-based innovation, which helps companies to be more competitive in the market, by having differentiated offers both in their products and in their processes, ”says Ruiz.
Zulma Suárez, Director of Research and Development at Vecol, a company that has applied to these benefits three times, also agrees on this. The directive highlights that these processes “push large and small companies to link with universities, and help to consolidate the relationship between these two fields.”
Annually, the Ministry of Science makes the call through the National Council of Tax Benefits, which each year establishes some quotas. For 2020, 1.5 trillion pesos were assigned, which benefited 312 companies in the country. The amount for this year will be 1.9 trillion pesos.
(Also: Samsung presents the A52, the A52 5G and the A72, its mid-range bet)
The benefits that companies have access to are three: first is the deduction of 100 percent of the investment made by the company for its research, with respect to the income base. In addition, there is a Tax discount of 25 percent of the value of that investment and one deduction for employees who participated in the project in the personal income statement, through income not constituting income, based on the time in which they carried out the research selected by the Ministry of Science.
This call is enabled for all companies with legal status that declare income, no matter their size or in which sector they work.
The process consists of formulating a science, technology and innovation project. “Among these are initiatives such as process innovation, new products, digital transformation, among others. Something that is very important is the degree of novelty that this research offers, whether for the country, the economic sector or for the company itself.”, Ruiz details.
“The formulation must be very rigorous and detailed, this is a great part of the success of obtaining approval from the ministry. We use internal project management methodologies to be able to adequately develop the application ”, highlights Camilo Andrés Méndez, Director of Innovation and New Projects of the Bogotá Free Zone, a business group that has benefited from the process in the last two years.
(We recommend you read: This is how I sold a video for US $ 6 million that can be watched for free)
Plans must have the endorsement of an actor recognized by Minciencias, such as university research groups that are certified by the ministry, technological research centers and innovation and productivity centers.
Finally, the application must be made through the ministry’s website on the dates stipulated for the call, which have three cuts throughout the year.
It is important to clarify that the benefits that companies access are designed in the investments made by companies in fiscal terms, in the case of 2021 it contemplates from January 1 to December 31.
This is how companies have done it
Over the years, hundreds of businesses have benefited from these tax deductions and discounts. In the case of the Bogota Free Zone, for two consecutive years, 2019 and 2020, they have been selected in the call with projects that add investments of 4,000 million pesos.
“The first project selected was for the automation of incoming and outgoing trucks, which made it possible to optimize the operation of the business park with notable reductions in time. Y Last year we were chosen with an automation process for the modification of storage areas, with a virtual warehouse model”, Details Méndez.
(Also: These are the cell phones that will not have WhatsApp support)
On the other hand, Vecol, a veterinary products company, was chosen in 2017 and 2020 with initiatives related to the development of vaccines.
“Last year two different projects were chosen, one was about the indication of a vaccine that we already had, but for another species, and the other was for the realization of a pioneering vaccine in Colombia”, indicates Suárez.
You may also be interested in:
– Six apps to get your personal finances in order
– Tinder will allow you to consult the judicial past of your potential date
– Who is Whitney Wolfe, the youngest billionaire in the world?
Twitter: @ TecnósferaET