Today I am at the South African Revenue Service (SARS) of South Africa. I sit down with Mr Andrew Wes one of the panel review members. SARS and the Dept. of Science and Technology (DST) put together a great support and incentive package for research and development in South Africa. The incentive package provides:
- A deduction equal to 150% of expenditure incurred directly for Research & Development and,
- An accelerated depreciation deduction (that is, 50:30:20) for capital expenditure incurred on machinery or plant used for R&D.
This is really a big deal and a great potential support option for researchers such as myself. Govt. has pulled back funding particularly for post-graduate researchers such as myself. However, this grant enables the private sector to lend support and get a massive thank you the taxpayers for doing so.