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The Innovation and Technology Commission (ITC) announced today (March 30) that the Research and Development (R&D) Cash Rebate Scheme will be launched on April 1.
To encourage companies to invest more in R&D and to collaborate with public research institutions, the scheme provides a cash rebate equivalent to 10% of a company's investments in two types of applied R&D projects, comprising projects funded by the Innovation and Technology Fund and projects funded entirely by companies and conducted in partnership with designated local research institutions.
In his 2009-10 Policy Address, the Chief Executive announced the introduction of a new Cash Rebate Scheme to reinforce the research culture among companies and to encourage them to establish stronger partnerships with local public research institutions. In January 2010, the Legislative Council Finance Committee approved a funding commitment of $200 million for the scheme.
The ITC will start accepting applications under the scheme from April 1. Details of the scheme are available at crs.itc.gov.hk . For enquiries, please contact the R&D Cash Rebate Scheme Section of the ITC at 2737 2435.
Ends/Tuesday, March 30, 2010
Issued at HKT 18:13
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