Idex recieves more tax relief
01 June 2020 16:52 GMT

IDEX Biometrics has successfully claimed additional research and development tax relief in the United Kingdom and the United States mainly related to 2019 activities, and received cash refunds of USD 650 thousand. These refunds are in addition to USD 850 thousand received in March of 2020 from the UK related to 2017 and 2018 research and development activities.

UK small or medium-sized enterprise R&D tax relief allows companies to deduct up to 230% their qualifying costs from their yearly profit or claim a tax credit if the company is loss making, worth up to 14.5% of the eligible loss. The US allows a research and development tax credit to be applied against income taxes. Governmental R&D support is often processed through the tax system and amounts in excess of tax paid are reported as cost reductions under IFRS.

The company has significant research and development tax credit carryforwards in Norway, the United Kingdom and the United States that will be applied against taxable profits in future.

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