RTP has signed a contract with Ernst & Young for the acquisition of consulting services in the field of corporate tax incentives for R&D (SIFIDE), according to the Baza portal. The contract value is 60 thousand euros.
The main goal of SIFIDE is to increase the competitiveness of companies and support their research and development by deducting a percentage of the relevant research and development expenses from the collection of corporate income tax (IRC) – to the extent that it is not reimbursed to the fund lost by the state or European funds.
In Nascer do SOL, Paula Franco, chairman of the Order of Certified Public Accountants, explains that this is “a tax credit that is essentially a tax deduction. That is, a deduction directly from the tax payable on profits. The chairman adds that the deduction occurs after the rates are calculated and that these are “the best tax breaks”. “This is the result of the investment, the existence of the Sifide project, in which the result of this investment and this approval will lead to a significant tax reduction due to this investment. In essence, these are tax incentives that exist to encourage companies to restructure and invest.”
Asked if it’s okay for companies to hire consultants for these programs, Paula Franco apparently answers yes, as “it’s also related to applications that involve the tax authorities to end up with this tax credit.” These companies, he adds, are hiring “especially when the projects are big, because that’s an issue that gets some litigation with the IRS, and so no one wants to take the risk of not having two opinions.”
But RTP is a public company and is funded by the state.
The official source at the RTP explains that the state-owned plant has “a strong R&D component in its activities,” and that is why it decided to apply for a corporate R&D tax credit system for investments made in 2021.
“This type of application requires specialized knowledge, so a preliminary consultation on the provision of advisory services in the field of the tax incentive system for corporate R&D was launched,” the same source explains, adding that they were consulted through the Vortal platform by the four largest consultants based in Portugal, beat Ernst & Young, “the only one to submit an offer.” And he adds that “investment in consulting services can amount to a maximum of twenty thousand euros in 2022.”
If this application is approved, RTP “will receive tax incentives that will help improve its economic and financial sustainability, and will continue to invest in research and development to strengthen its competitiveness, including in the digital sphere.”
