17. Other Operating Income
|
|
Year Ended December 31, |
||||
(in thousands of $) |
|
2022 |
|
2021 |
|
2020 |
Grants |
|
2,186 |
|
4,398 |
|
1,365 |
Research and development incentives |
|
19,502 |
|
13,970 |
|
10,257 |
Payroll tax rebates |
|
8,576 |
|
12,621 |
|
9,095 |
Change in fair value on non-current financial assets |
|
4,256 |
|
11,152 |
|
2,951 |
Total other operating income |
|
34,520 |
|
42,141 |
|
23,668 |
17.1 Grants
The grant income is related to grants received from the Flanders Innovation and Entrepreneurship Agency. No conditions related to the above government grants were unfulfilled, nor were there any material contingencies related thereon at the date of the approval of these consolidated financial statements.
17.2 Research and Development Incentives
The Company has accounted for a tax incentive of $19.5 million in the year ended December 31, 2022, compared to $14.0 and $10.3 million in the year ended December 31, 2021 and December 31, 2020, respectively, following a research and development tax incentive scheme in Belgium according to which the incentive will be refunded after a five-year period, if not offset against the current tax payable over the period.
17.3 Payroll Tax Rebates
The Company accounted for $8.6 million payroll tax rebates in the year ended December 31, 2022, compared to $12.6 and $9.1 million in the year ended December 31, 2021 and December 31, 2020, respectively, as a reduction in withholding income taxes for its highly qualified personnel employed in its research and development department.