1. The Research and Development Tax Credit shall be calculated as a percentage of the Qualifying Research and Development Expenditure incurred by a Qualifying Entity during the relevant Tax Period or Fiscal Year. 2. The Research and Development Tax Credit shall be used to offset the Corporate Tax and/or Top-up Tax payable by the Qualifying Entity or any other Person, in accordance with the provisions of Article (7) of this Resolution. Such Tax Credit may be refunded pursuant to a resolution issued by the Minister in accordance with Clause (3) of this Article. 3. The Minister shall issue a resolution specifying the following: a. The applicable rates of Research and Development Tax Credit and the conditions for the application of each rate, taking into consideration the amount of Qualifying Research and Development Expenditure incurred by the Qualifying Entity, the number of employees participating in Qualifying Research and Development Activities, and any other criteria specified in such resolution. b. Whether the Research and Development Tax Credit is refundable or non-refundable. c. Any requirements, restrictions, or procedures relating to the treatment and calculation of the Research and Development Tax Credit.
Interpretation and application must be checked against the official text and current version.