Nothing affects a country’s economy so much as restrictions placed on the development of its business, projects and investments. The impact we have had as a society due to the pandemic has forced us to reinforce the mechanisms of revitalizing our economy. Therefore, today I would like to highlight one of the government tools that were developed for this.
These are tax benefits designed to encourage investment in science, technology and innovation projects (CTeI), which has a history of 30 years, represents an important strategy to revitalize our economy, as it supports companies with discounts, discounts and exemptions to enhance competitiveness and advance high-impact research for the country.
The National System of Science, Technology and Innovation (SNCTI) in Colombia has been strengthened by the creation, through Article 31 of Law 1286 of 2009, the National Council on Tax Advantages in Science, Technology and Innovation-CNBT- responsible for establishing the criteria and conditions for obtaining said benefits. This has contributed to Colombia not stopping the growth of the field of science, technology and innovation necessary for the present and the future.
For the same reason, the current government passed Law 1955 of 2019, through which new provisions were made on these tax benefits for Colombians, giving impetus to the deduction and deduction for investment, but also creating new incentives such as the credit tax for SMEs. and medium-sized institutions (MiPymes), highlighting those awarded for physician recruitment and donations.
In support of this strategy, the Department of Science, Technology and Innovation has awarded us $4.4 billion in tax benefits to invest in CTeI, to encourage business innovation. This represents 92% of the four-year target of the National Development Plan ($4.8 billion). One very positive thing is that during 2021 we have achieved 100% of what was proposed ($1.9 billion).
Some companies, corporations, or organizations may not be aware of these tax benefits that investors and/or implementers of science, technology and innovation projects can access. But between 2019 and 2021, A total of 495 companies benefited from the strategy (277 large, 136 medium, 61 small, and 21 micro).
Our researchers and doctors are essential human capital to achieve the Sustainable Development Goals.
Some educational institutions and R&D centers have obtained VAT exemption for importing CTel equipment and items. Others received the benefit of “income that does not constitute incidental income and/or profit”, which was awarded to 4,316 researchers in the country for carrying out CTeI activities. MiPymes received the tax credit, which will be recovered through “Tax Refund Titles – TIDIS, investments made in research, technological development and innovation projects, provided they meet the requirements of Decree 1011 of 2020.
Colombians can also access tax benefits for donations to fund CTeI programs and/or projects.submitted to the National Fund for Science, Technology and Innovation, Francisco José de Caldas.
I particularly highlight the tax benefit of associating employees with PhDs in companies, for the development of research, development and innovation activities, because our researchers and clinicians are essential human capital to achieve the sustainable development goals.
Titus Joseph Crisin
Minister of Science, Technology and Innovation