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Request for Proposal to CONDUCT A DESKTOP STUDY ON SOCIAL ECONOMIC CONSIDERATION OF GMOS IN DECISIONMAKING Procurement No: SC/RFP/NCRST17/202324Procurement Management Unit NCRST Cnr. Louis Raymond

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What is business research and development?

Business research and development (R&D) refers to the activities undertaken by a company to innovate and introduce new products or services, or to improve its existing offerings. This can involve systematic investigation and experimentation to enhance the company's market competitiveness.

Who is required to file business research and development?

Typically, businesses that engage in research and development activities and wish to claim R&D tax credits are required to file. This includes companies in various sectors such as technology, manufacturing, and pharmaceuticals that meet specific criteria laid out by tax authorities.

How to fill out business research and development?

To fill out business research and development forms, companies need to gather documentation evidencing their R&D activities, such as project descriptions, costs incurred, and evidence of the scientific or technological uncertainty being addressed. Accurate records should be assembled and the specific forms provided by the tax authority must be completed, often requiring financial details.

What is the purpose of business research and development?

The purpose of business research and development is to drive innovation, foster economic growth, and enhance a company's ability to compete in the market. R&D aims to create new products, improve existing services, and facilitate technological advancements, ultimately benefiting both the business and the economy.

What information must be reported on business research and development?

When reporting on business research and development, companies must include information such as the nature and scope of R&D activities, the associated costs (e.g., wages, materials, and overhead), project timelines, and any outcomes or advancements that resulted from the R&D efforts.

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