Research And Development Tax Incentives To Spur Economic Growth

In the recent past, the world is facing serious challenges of poverty and other social problems. Many people in and around the world are living on below one dollar per day. This means that such people cannot afford more than two meals a day. They need to tighten their belt and ensure that they only eat once a day if they will have to achieve other activities in life. Young people are resorting to crimes and other illegal means of earning a living such as drug trafficking amongst other vices. This means that each and every government has got to do something to reverse this otherwise regrettable scenario which cannot assist in economic progress or get help from drug lawyer Sydney.

 Poverty is a major challenge in the entire world and if there are no concerted efforts to alleviate the same, the world will not achieve any economic progress since many people will be concentrating on just earning enough to place a meal on the table. This alone is too little to say in terms of economic development both at a country’s individual level and at the global arena. People should be in a position to earn a living and above all save enough for other economic activities such construction of houses, paying of taxes inter alia. According to Abraham Maslow, a human being cannot live on food alone. Visit this page if you are looking for professional lawyers that can help you.

They need other basic needs such as clothing, shelter and water. All these will have to be paid for apart from sex which requires mutual agreement between two willing parties. There is need therefore for the world to come up with measures aimed at ensuring that the world is changed from what it is today to a better place which can enable economic progress. One means of achieving that is through concerted efforts between the government and the private sector. For any meaningful progress to be achieved, these two parties must work together in tandem. 

It is through such efforts that the world economy will grow from single digit to double digit and ensure that there is trickledown effect. Such effects will ensure that all the people both private and commoners have access to some resources which they will use for both personal and economic progress in life. Many governments are giving research and development tax incentive in order to ensure that businesses, both small and big have an opportunity to improve their economic activities through opportunity cost which they save through such incentives. With such savings, all the sectors of the economy will be stimulated and this will have a positive impact on the entire economy. This is all that is required if the world is to become successful and achieve its objectives of enhanced living standards and high quality of life.

In order to spur economic progress in Australia, the Australian Federal Government grants small business soft and low interest loans in order to cushion them against the vagaries of high interest rates offered by many financial institutions. This enables such business achieve high revenue turnover and at the end of the day contribute positively towards growth of the economy.