A Public Policy based on fiscal incentives for supporting companies to Invest in Innovation Projects – The Law of Good
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Abstract
Creativity, technical knowledge and financial resources, whether public or private, are three very important subjects to encourage technological innovation. Public policies on fiscal incentives fostering the increase of investment of financial resources for RD&I projects are particularly needed in developing countries. Therefore, this article aims to inform about the legal and bureaucratic procedures for the execution of research projects developed by partnerships between a company and an Institute of Science and Technology (i.e. ICT) applying the incentives of Brazilian Federal Law No. 11,196/2005 - Law of Good. This letter describes all the legislation that supports such incentives and outlines the needed accounting procedures to be performed. As a result, a demonstration on research expenditures and the impact on the reduction of income taxes is performed regarding to the following Brazilian income taxes: Income Tax (i.e. IRPJ) and Contribution on Net Income (i.e. CSLL), levied to the Brazilian taxpayers.
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