The National Tax Benefits Board, which is chaired by the Department of Science, Technology and Innovation, has approved a share of tax benefits for investments in science, technology and innovation worth $2.1 billion for 2022.
With this approval, starting in 2022, R&D and innovation activities will continue to be enhanced at the business level. This is in line with one of the objectives entrusted to us by President Ivan Duque regarding the fact that we encourage from the Ministry of Science to bets on the development of science, technology and innovation among the business sector, in order to improve their productivity and competitiveness”, emphasized the Minister of Science, Technology and Innovation, Tito José Cristian.
The stake represents a 10.5% increase over the approved shares in 2021 which were $1.9 trillion at the time. During the four-year period 2018-2022, the national government will grant tax benefits to investments equivalent to 6.5 billion pesos, exceeding the target initially set in the National Development Plan of 4.8 billion pesos.
Tax benefits to promote private investments in science and technology were created by Law 6 of 1992.
A $100,000 million tax benefit share was also approved for contributions to the Francisco Jose de Caldas Fund and a $100,000 tax benefit share for donations to scholarships for college students of classes 1, 2 and 3.
“This will be an opportunity for the universities in the country to encourage the training and integration of young people, to promote human capital formation, as well as to develop the scientific and technological careers of Colombians,” explained Minister Cressen.
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