IDEX Biometrics has received additional UK and US R&D tax relief
IDEX Biometrics has successfully claimed additional research and development tax relief in the United Kingdom and the United States mainly related to 2019 activities, and received cash refunds of USD 650 thousand. These refunds are in addition to USD 850 thousand received in March of 2020 from the UK related to 2017 and 2018 research and development activities.
UK small or medium-sized enterprise R&D tax relief allows companies to deduct up to 230% their qualifying costs from their yearly profit or claim a tax credit if the company is loss making, worth up to 14.5% of the eligible loss. The US allows a research and development tax credit to be applied against income taxes. Governmental R&D support is often processed through the tax system and amounts in excess of tax paid are reported as cost reductions under IFRS.
The company has significant research and development tax credit carryforwards in Norway, the United Kingdom and the United States that will be applied against taxable profits in future.
For further information contact:
Marianne Bøe, Investor Relations
Tel: + 47 918 00186
Derek D’Antilio, Chief financial Officer
Tel: +1 197 827 31344
About IDEX Biometrics
IDEX Biometrics ASA (OSE: IDEX and OTCQB: IDXAF) is a leading provider of fingerprint identification technologies offering simple, secure and personal authentication for all. We help people make payments, prove their identity, gain access to information, unlock devices or gain admittance to buildings with the touch of a finger. We invent, engineer, and commercialize these secure, yet incredibly user-friendly solutions. Our total addressable market represents a fast growing multi-billion-unit opportunity.
For more information, visit www.idexbiometrics.com and follow on Twitter @IDEXBiometrics
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act