To spur even more economic and business development, Chile has declared 2013 as its Year of Innovation and introduced new tax breaks for companies wanting to conduct research and development in the South American country.
Between 2013 and 2025, the new “R&D Tax Credit” will give companies a 35% tax credit on all eligible R&D expenditures in any sector, including mining. Canadian companies can qualify for up to US$1.2 million in tax credits, and the remaining 65% of their expenditures can also be deducted, resulting in an almost 50% reduction in R&D costs/expenditures.
“Chile has become a hub for engineering excellence, and a centre for continuous innovation,” says Elías Arze, president of ChileEngineering, which collective represents the Chilean engineering profession.
“This new R&D tax law will not only support entrepreneurship but will also advance science, technology and engineering, all things that Chilean engineers are very well versed in.”
Over the next decade and beyond, the organization is a natural partner to Canadian and international firms doing R&D in Chile. Through their work on remote and/or challenging ventures, ChileEngineering members bring a wealth of experience to the boardroom, the lab and the project site.
“We can deliver on any project in the fields of construction, water and sanitation, energy generation, transportation, and environmental solutions, among many others,” Arze adds. “We invite and welcome Canadian companies to join us in new ventures that will greatly benefit both countries.”
A ChileEngineering delegation is on hand, and available for interviews, at the Prospectors and Developers Association of Canada 2013 conference in Toronto from March 3 – 6.
With the contribution of Suzanne Soto, owner of Si! Corporate Communications, a Greater Toronto Area company providing public relations services in both English and Spanish.