At a meeting last week, the European Economic and Financial Affairs Committee appears to have ordered a review into the Patent Box regimes set up by various countries, including the United Kingdom.
You may recall that the European Commission was considering a challenge to the UK's Patent Box tax incentive (recently exploited by GSK as they announced significant UK investment) following concerns from Germany that the corporation tax break broke EU rules on harmful tax competition as set out in the Code of Conduct for Business Taxation.
According to the Provisional Press Release of the meeting of 10 December 2013, a Working Group has been invited to assess or consider all patent boxes in the EU, including those already assessed or considered before, by the end of 2014, ensuring consistency with the principle of equal treatment, also against the background of international developments. A progress report will be made by the end of the Greek Presidency of the EU in June 2014.
For any further information on the Patent Box, please contact your usual advisor at UDL, or David Stanners at email@example.com
The Reuters News Agency reports that GlaxoSmithKline is to invest another 200 million pounds on advanced manufacturing in Britain, underlining the draw of the "patent box" tax break designed to encourage research and development.
Britain's "patent box" scheme, offers a reduced rate of corporation tax on income derived from patents and has been hailed by GSK for transforming the UK as a place to invest. Last year GSK announced it was building its first new factory in Britain for 40 years as a result of the scheme. The latest move will help it ramp up output of new lung drug Relvar, produce the long-established antibiotic Augmentin and develop new technology for medicine production.
Britain's health minister, Jeremy Hunt, welcomed the new investment. But not all Britain's European partners are as enthusiastic about such patent box arrangements. In July Germany called for a ban on these schemes, saying they created unfair competition. Patent boxes also operate in the Netherlands and some other European Union member states.
For further information about how you can benefit from the "patent box" and how UDL can help you profit from your intellectual property, please click our dedicated page from the left hand tab, or contact David Stanners (firstname.lastname@example.org)
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