Newly appointed Minister of Science and Technology, Mmamoloko Kubayi-Ngubane will meet the business sector in Pretoria on Friday, 2 March, in her first appearance as the Minister in this portfolio.
The seminar will be attended by R&D managers, finance and tax executives of R&D performing companies, and tax consultants that assist companies to access the incentive.
Government established the research and development (R&D) tax incentive programme in 2006 as an instrument to stimulate private sector investment in R&D and innovation in South Africa.
Tomorrow’s event will focus on the progress made in improving tax incentive programme, following recommendations made by a task team established to address bottlenecks experienced by businesses accessing the incentive.
Administrative delays, the complexity of information, and limited access for small and medium enterprises and start-ups were among the problems encountered.
By undertaking R&D, companies enhance their innovative capabilities, and are better able to create new products, processes and services, and to improve existing ones.
The latest data indicates that general expenditure on R&D as a percentage of GDP, which is a key indicator of R&D intensity in the economy, was 0,80% in 2015/16. The South African government wants to raise this to 1,5% of GDP. Increasing R&D will improve the country's economic competitiveness.
The media are invited as follows:
Venue: The Innovation Hub, Pretoria
Date: 2 March 2018
Time: 7h30 to 10h00
Cell: 083 400 5750