Blockchain firms could get hundreds of millions in tax relief from governments
Blockchain and crypto technology companies could be given hundreds of millionsof dollars in research and development tax relief. According to research from tax relief experts Catax, around 82 per cent of work carried out by these firms could be eligible for tax relief. This, it said, is because blockchain and crypto companies fall under “ingrained innovation”. Meanwhile, traditional businesses usually get a 35 per cent reduction for R&D projects.
Catax claims that firms in this area can get such a huge tax reduction because most of their staff are usually developing this technology and applying it to a specific sector as opposed to performing research and development activities in just one area of the company.
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