<
https://theconversation.com/heres-a-scheme-labor-should-ditch-in-its-bid-to-boost-productivity-its-the-patent-box-181464>
"Australia’s new treasurer Jim Chalmers says his biggest priorities include
boosting productivity and business investment.
If so, he would be wise not to follow in the footsteps of his predecessor Josh
Frydenberg, who tried for more than a year to introduce Australia’s first
so-called Patent Box before the legislation lapsed ahead of the election
without a vote.
First introduced in Ireland in the early 1970s, and adopted later in countries
such as France, Spain, China and the United Kingdom, patent boxes are said to
get their name from a box on the tax form that companies tick if they have
income deriving from intellectual property, which is taxed at a discounted
rate.
The theory is that if such income is taxed less, international corporations
will do more of their research and development in Australia.
When announced in the 2021 budget, the discount was to be limited to income
from patents on medical and biological technologies, although (also before the
bill became law) the 2022 budget announced plans to extend it to agricultural
and low emission technologies.
Income derived directly from patents in these fields was to be taxed at just
17%, instead of the prevailing company tax rate of 30%."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
