Tax breaks for environmental investment attract over 100 multinationals

Catalan Economy

21 Oct 2011

Invest in catalonia, the catalan government organisation entrusted with attracting inward investment, held a seminar entitled “tax breaks for environmental investment” on 19th october.

the event was run in conjunction with the law firm cuatrecasas, gonçalves pereia and experts from the catalan government department of the environment and sustainability. the session was introduced by the director of expansion and development of invest in catalonia, ms. susana tintoré , with the head of the investment incentives service of invest in catalonia, ms. lurdes mochales also taking part.

at a time when access to finance is at a low ebb, and public grants and subsidies have all but dried up, the aim of the event was to present this new mechanism to reduce the tax burden, which acts as an attractive option to help finance industrial investment.

during the session the main points of the recently passed law on sustainable economy were discussed, with special focus on the reintroduction of rebates on corporation tax available, thereby offsetting costs of investment in environmental improvements. the deductions on the table represent major savings for enterprises, enabling them to put up the cash for investing in assets to improve the efficiency of production processes while helping the environment. the rebate for environmental investment offers up to 8% of investment made and acts directly to cut the rate of corporation tax, a fact which was relatively unknown, thus explaining why it has been little exploited until now.

the event, which drew some 120 people among top business leaders, key figures from institutions and organisations interested in the matter, provided a useful and practical guide to the ins and outs of the tax breaks available.

source: invest in catalonia

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