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JUL 2015

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78 JULY 2015 A S I T E S E L E C T I O N I N V E S T M E N T P R O F I L E : P O R T U G A L une 2015 saw the staging of Innovation Week at the University of Lisbon, ranked No. 2 in the recently released SCImago Ibero- American Institutions Ranking 2015, which ranks universities across the Iberian Peninsula, Latin America and the Caribbean. That sort of penchant for progress displayed by Portugal's institutions is merging with a new set of research incentives to create an inviting formula for corporate R&D. Data from Eurostat show that Portugal's concentration of researchers, at 17 per 1,000 active workers, exceeds the EU average by 70 percent. And Portugal ranks as one of the top countries in Europe for the number of Ph.D.s per 1,000 inhabitants. This profciency has caught the notice of the US government, which this year organized a life sciences trade mission to Portugal, also in June. Among the mandates of Fundação para a Ciência e a Tecnologia (FCT), the national funding agency for science and research in Portugal, is to "bring science and business together, by encouraging business sector investment in R&D and involving companies in researchers' advanced training and recruitment." Among the main fnancial grants and tax incentives now available in Portugal: • Portugal 2020 — R&D — Technology Research and Development (TR&D): Available until 2020, TR&D supports the increase of research and innovation activities undertaken by companies, aligned with a smart specialization of the Portuguese economy, a stronger bond between companies and research entities, as well as an increase in the knowledge-based economy. • Tax Investment Code — Tax Incentives System for Corporate R&D: R&D expenses from qualifying companies may be credited against the corporate tax liability as determined by the Corporate Income Tax (CIT), and up to that amount, at the following rates: (i) standard rate of 32.5 percent of the eligible expenditure of the accounting period, and (ii) incremental rate of 50 percent of the increase of the eligible expenses over Higher education infrastructure and a new incentives regime nurture a new generation of R&D in Portugal. J INVESTMENT PROFILE: PORTUGAL b y A D A M B R U N S a d a m . b r u n s @ s i t e s e l e c t i o n . c o m Home to the highly ranked University of Lisbon (with 48,000 students), Lisbon's capacity for innovation is known worldwide. Photo courtesy of Turismo de Lisboa Poised to Prosper

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