ANDD SALM : SkatteFUNN applications approved

Sortland, 3rd January 2021:

The Norwegian Research Council has approved Andfjord Salmon's applications for the SkatteFUNN tax incentive scheme in connection with the company's innovation work in connection with its flow through salmon farm facility at Kvalnes, Andøya, in the period 2020 to 2022.

The SkatteFUNN R&D tax incentive scheme is a government programme designed to stimulate research and development (R&D) in Norwegian trade and industry. The incentive is a tax credit and allows deduction from a company's payable corporate tax. If the tax credit for the R&D expenses exceeds the amount the firm is liable to pay in tax, the remainder will be paid out in cash to the firm.

SkatteFUNN allows companies from all industries to apply for 20 percent deduction of project costs through the tax incentive scheme. To be eligible for SkatteFUNN, the company must seek to develop a new or improved product, service or production process through a dedicated R&D project. The project must generate new knowledge, skills and capabilities within the company.

Andfjord Salmon's patented concept for land-based farming utilises a mix of proven technologies from existing land-based and ocean-based aquaculture, and combines these with a number of new solutions to ensure best possible financial results, smallest environmental footprint, optimal fish welfare and consistent harvest.

'Our ambition is to develop the world's most sustainable and fish-friendly fish farm, which requires a lot of development work. SkatteFUNN helps to encourage companies such as Andfjord Salmon to develop new and smart solutions, while at the same time securing refunds for several million kroner of our R&D investments. It is a constructive and worthy scheme for Norwegian industry specifically and Norwegian competitiveness in general,' says Helge Krøgenes, director of financing and business development at Andfjord Salmon.

Watch the Andfjord Salmon movie here: