11 April 2016 Italy issues additional clarifications on Patent Box regime The Italian Revenue Agency (IRA) issued Circular n. 11 (the Circular) on April 7, which provides significant and extensive guidance on the Italian Patent Box Regime. The Circular addresses several operational issues that required clarification. As background, the Patent Box regime is an elective regime granting a 50% exemption (reduced to 30% for 2015 and 40% for 2016) from corporate income tax (IRES, generally levied at 27.5%2) and regional tax (IRAP, generally levied at 3.9%) on income derived from the direct exploitation, licensing or disposal of qualifying intellectual property (IP). A Tax Alert prepared by EY's Global Tax Desk Network, and attached below, provides additional details. Document ID: 2016-0652 |
