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Italy Grants 30 Extra Days For Patent Box Applications

by Ulrika Lomas, Tax-News.com, Brussels

29 March 2016


In a recent circular, the Italian Revenue Agency has agreed an extension of 30 days to the period of time businesses have to complete their applications to take advantage of Italy's "patent box" in its first operational fiscal year.

The Italian patent box regime is only available after the signing of an agreement between the company and the Revenue Agency regarding the calculation method for determining their research and development (R&D) income.

Companies that make patent box applications on or before the final date of March 31, 2016, will now be allowed 150 days, rather than 120 days, for the forwarding of complete documentation to the Agency. The additional time is being permitted so that applicants have an adequate time to gather all the necessary evidence in support of their request.

The patent box offers an optional preferential tax regime for income derived from the use or licensing of qualifying intangible assets (such as patents, trademarks, processes, and other intellectual property) that are linked to R&D activities carried out in Italy.

Businesses will be able to exclude up to 50 percent of their income derived from such assets from income taxes (either corporate or individual) and the regional tax on production. The five-year income exclusion will amount to 30 percent in the first year of its operation, 40 percent in the second year, and reach 50 percent from the third year.

In addition to Italian companies, foreign residents with a permanent establishment in Italy may also benefit from the patent box if they are resident in a country with which Italy has an effective tax information exchange agreement.

TAGS: tax | business | trademarks | patents | intellectual property | corporation tax | licensing | Italy | tax breaks | trade | research and development

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