IDEX Biometrics Receives More US and UK Tax Relief

IDEX Biometrics has received additional tax relief for its research and development efforts in the United States and the United Kingdom. The refunds are worth roughly $650,000, which will supplement the approximately $850,000 the company received from the UK in March. 

The March refund was primarily related to IDEX’s 2017 and 2018 activities. The newest refund reflects more recent operations, and concerns the company’s 2019 R&D initiatives. The US return was received as part of a program that allows companies to apply for an R&D tax credit against their income taxes. The UK, meanwhile, similarly allows small and medium-sized enterprises to deduct 230 percent of qualifying costs from their profits, or claim up to 14.5 percent of eligible losses if the company is in the red.

IDEX indicated that it also has other research and development tax credits that it will be able to carry over and apply against future profits in Norway, the US, and the UK. The company did not propose a dividend in its annual report for 2019, but did highlight its accomplishments in the biometric payment cards industry with its follow up report for the first quarter of 2020. Cards with IDEX technology have already been certified by two international payment networks.

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May 28, 2020 – by Eric Weiss