Bilbao PortLab has held a seminar on Article 64 bis of the Provincial Law on Corporate Income Tax for companies in the port community, in which representatives of the Port Authority, the Provincial Council of Bizkaia and Lawesome Legal Services have taken part as speakers.
Bilbao PortLab was set up to support the development of innovative solutions applicable to the rail-port logistics sector. As Nagore Ardanza, Head of Bilbao PortLab, explains, “for companies, Article 64 bis represents an important opportunity which benefits all parties, which is why we have organised this seminar to inform and raise awareness of it”.
At the opening of the seminar, the economic and financial director of the Port Authority of Bilbao, Ekaitz López, explained the work of Bilbao PortLab in the promotion and enabling of open innovation in the port of Bilbao. Additionally, the Director of Attraction to Bizkaia of the Provincial Council of Bizkaia, Koldo Atxutegi, and the Director General of Finance, Iñaki Alonso, explained the application of the Article and the opportunities it represents, whilst the partner of Lawesome Legal Services, Amaia Legorburu, presented some case studies.
Article 64 bis is a procedure through which companies are enabled to collaborate on innovation and development. Thus, a company that generates profits and has to pay corporate income tax can finance the project of another company or start-up in exchange for the R&D&i deductions generated by the project. “It is a scheme whereby the company that participates in funding the project provides the necessary amounts to finance part of the project in exchange for being able
to deduct the R&D&i tax credit generated by the project from its corporate income tax liability, up to a limit of 120% of the amounts provided. Start-ups and companies wishing to develop their innovation project obtain free funding”.
Companies in Bizkaia with a positive tax base that wish to become innovation funders and R&D&i development companies, and that are interested in receiving funding through Article 64 bis, can request more information by e-mail to firstname.lastname@example.org