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Denmark

Denmark

Siemens and Vestas back Danish tax break proposal

DENMARK: The major opposition political party in Denmark has proposed increasing tax deduction for research and development (R&D).

Vestas and Siemens backed the tax break proposals for research and development
Vestas and Siemens backed the tax break proposals for research and development

The Social Democratic Party (SDP) has laid out its plans for boosting the Danish economy, including extending the tax reduction on research and development.

"The deduction will increase productivity, resulting in enhanced competition, and increased exports, which is about DKK 7 billion (€941 million) higher than it otherwise would have been," the SDP said.

Siemens, Vestas and nine other industrial companies have backed the proposals.

In a joint statement, the eleven firms said: "The Danish framework conditions for research and development lags behind the global market, including in relation to most other European countries, where there is a trend of intensive competition to attract research and development investment through better framework conditions.

"It poses a risk that research and development activities move out of [the] country. And if development and research [are] moving, there is also a risk of production doing the same as it is very rare that products developed abroad are produced in Denmark.

"The proposal will obviously have a positive impact on the companies conducting research and development in Denmark, but it does not stop here. There are several hundred subcontractors for large companies, and it is thus the whole Danish ecosystem that will be strengthened," the group said.

As part of their R&D operations in Denmark, Vestas and Siemens operate prototype turbines at the global research centre in Østerild, west Denmark.

The coalition also includes technology developer Danfoss, pump manufacturer Grundfos, pharmaceutical groups Lundbeck and LEO Pharma, catalysis firm Haldor Topsoe, medical equipment specialist Coloplast, audio solutions company GN Store Nord, natural ingredients producer Chr Hansen and conglomerate DuPont.

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