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Minister Mmamoloko Kubayi-Ngubane attends R&D tax incentive business seminar

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Minister Mmamoloko Kubayi-Ngubane attends R&D tax incentive business seminar

1st March 2018

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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.

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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.

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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

Media enquiries:
Veronica Mohapeloa
Cell: 083 400 5750
E-mail: veronica.mohapeloa@dst.gov.za

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