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Tax Incentive supports R&D activities in France
Oct 12 2021
Companies operating an R&D subsidiary in France could benefit from a research tax incentive scheme operated by the French Government, as announced by recent recipient Immutep, (Sydney, Australia), which received a €2,126,617 (~ A$3,430,952) payment for activities conducted in 2020.
Under the “Crédit d’Impôt Recherche” (CIR) scheme, French companies conducting research and development activities in Europe can apply for up to 30% of their eligible expenditure and Immutep, a developer of LAG-3 related immunotherapy treatments for cancer and autoimmune diseases, qualified for the tax credit through its subsidiary Immutep S.A.S. due to the research and development conducted in its laboratory at Châtenay-Malabry in southwestern Paris.
The biotech also qualifies for cash rebates from the Australian Federal Government’s R&D tax incentive program in respect of expenditure incurred on eligible R&D activities conducted in Australia. In April 2021, the Company received a A$1,155,055 cash rebate in respect of expenditure incurred on eligible R&D activities conducted in the 2020 fiscal year.
The funds will be used to support the ongoing and planned global clinical development of the company’s lead product eftilagimod alpha, an antigen presenting cell (APC) activator being explored in cancer and infectious disease and the preclinical development of IMP761 an agonist of LAG-3 for autoimmune disease.
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