Portugal Plans to Double R&D Spending
Portugal continues its trend of increasing R&D spend and has announced their plans to double their spend by 2030. The Portuguese government has announced their intention of achieving an R&D spend of 3% of GDP by 2030, taking it to the same target the EU has long been chasing.
A resolution published on 29 December said that public spending on R&D should hit 1 percent of GDP by 2030, with private spending making up the remaining 2 percent.
Alongside the increased spending, the government promised reforms and modernisation of Portugal’s R&D sector. It said the resolution would support innovation and the promotion of scientific culture, and help to stimulate a restructuring of the economy based on knowledge.
The country’s spending has been on a steady incline for the past 6 years. While they reached a record high of €3.2 billion in 2020, recent data shows 2021 achieved an additional increase of 10 percent, reaching €3.57 billion, or 1.69 per cent of GDP, with increases in all sectors.
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Research and development is the engine of economic growth in an increasingly knowledge-based global economy, however more investment is needed to help boost human creativity, innovation and economic output.
Swanson Reed is one of Portugal’s largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.
To find out more about R&D or to determine the eligibility of your business for receiving an R&D tax credit, contact a Swanson Reed R&D Tax Advisor today.
