Economy, Domestic Economy

Incentives for Knowledge-Based Firms

Incentives for Knowledge-Based FirmsIncentives for Knowledge-Based Firms

Knowledge-based companies will be exempted from tax and customs duties for 15 years, says top advisor to the Innovation and Prosperity Fund, Mohammad Hossein Sadeqi. Such measures would be a springboard for Iran’s 1,050 startups, 500 medium-sized and 50 large knowledge-based companies, IRNA quoted him as saying. A knowledge-based economy is a system of consumption and production based on intellectual capital, in which a significant part of a company’s value may consist of intangible assets, mainly the value of its workers’ knowledge (intellectual capital). The scope of a knowledge-based economy is not limited to the technology industry alone. It can also be used in the fields of information technology, nanotechnology and biotechnology and other high-tech firms.