The US Treasury has released the 2012 Green Book (the catchier title for the “General Explanations of the Administration’s Fiscal Year 2012 Revenue Proposals” – the 2012 US Budget!). There are three key IP-oriented measures proposed. The first, discussed below, is taxation of “excess returns” on intellectual property. The second, to be discussed in a following blog post, seeks to limit shifting of income through IP transfers. Finally, and also to feature in a future post, is the enhancement and making permanent of the R&E (research and experimentation) tax credit.
Continue reading →
February, 2011
28
Feb 11
US Green Book on IP
22
Feb 11
Book: Views and ideas wanted …
The 3rd edition of Taxation of Intellectual Property has been commissioned and will be appearing in all good bookstores later this year – in the meantime, I have to write it. Let me know what you’d like to see covered – I plan to expand the international section, to add more in about specific IP-related professions/industry sectors and their tax quirks, and to add more on IP law and the interaction between practice and tax.
Anything else you’d like to see expanded/covered? Comment on this post or email me (see the about page for contact details, I’m trying to avoid my email address being harvested by spam robots!)
2
Feb 11
OT: Pfizer withdraws R&D from UK
In the midst of discussions about the future of IP tax and incentives in the UK comes the news that Pfizer is closing its UK R&D facility at Sandwich in Kent, after about 50 years of R&D at the site. The pharma group will no longer have any UK R&D operations.
It’s part of a restructuring that will move more of Pfizer’s R&D to the US, and reduce the amount of R&D that the group does, moving away from ‘high-risk R&D’ and eliminating altogether a number of areas of R&D. That said, a move to the US does suggest that they aren’t being enticed by tax incentives, as the US incentives for R&D are not the most attractive. The project seems to reflect its description as a cost-control exercise overall, unsurprising given the group’s cuts in sales forecasts, reflecting issues such as Lipitor coming out of patent protection in November.