Labor slams R&D Tax uncertainty

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Labor has criticised the Turnbull government over the uncertainty created by its ongoing review of the R&D Tax Incentive.

In a statement, Shadow Minister for Innovation, Industry, Science and Research, Senator Kim Carr, said today marks the one-year anniversary since the review, led by Bill Ferris, Dr Alan Finkel and John Fraser, was handed to former industry minister Christopher Pyne.

"...but innovative companies still have no idea whether the Government is planning yet more cuts to the scheme," said Senator Carr.

Government's response to the review, which has generated significant concern across the biotechnology sector, particularly in relation to its recommendation to impose a $2 million cap on cash claims, is anticipated in the May Budget.

"The review makes a number of recommendations for changes to the R&D Tax Incentive, some which could dramatically reduce the benefit for innovative firms and manufacturers.

"Australian firms and researchers are sick of the mixed signals from this Government," said Senator Carr.

"Innovative companies need policy stability to make long-term investments in research and development.

"If Malcolm Turnbull is serious about innovation, he should come clean on his intentions for the R&D Tax Incentive," he added.