The Ministry of Finance and Economic Affairs is stepping up its efforts to spur on productivity in businesses across the island.
To this end, businesses can benefit from a tax credit of 25 per cent of the cost of the implementation of an innovative concept from the Innovation Credit Fund, for projects which commenced during the financial year ending December 31, 2011.
Chief Programme Manager at the Productivity Council, Anthony Sobers, gave details about the venture during a press conference today to discuss productivity at its Enright House, Belleville, St. Michael location.
He explained that three companies had already invited the Productivity Council to assess their level of competitiveness, productivity and sales achieved since the innovative transformation of their respective businesses.
Mr. Sobers said the award was hinged on four pillars: process innovation that leads to the development of new manufacturing initiatives; product innovation to realise improved products and services; and; organisation and service innovation.
"We are encouraging companies to apply for the analysis so that the Productivity Council can provide the certificate of the award to the Inland Revenue to say that they [businesses] have qualified for the award," he added.
Mr. Sobers further stated: "This is a relatively new initiative that forces companies to really be innovative.?? Very often, it is said that some companies lack the discipline to take things through [to fruition].?? Some enterprises would start initiatives and then do not follow through.?? So, we want to encourage companies not only to start … but follow through to the end and qualify for the award."
The Chief Programme Manager added that the tax credit is not a cash award.