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17 - 23 Nov 2014

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Hockey backs patent box: Ausbiotech
Posted 18 November 2014
Despite reports to the contrary after his remarks at the G20, AusBiotech says Treasurer Joe has 'paved the
way' for the Australian Innovation and Manufacturing (AIM) Incentive to be introduced.
"AusBiotech has welcomed the recent proposal to ensure that intellectual property tax regimes are not inappropriately
used for tax avoidance," said CEO Anna Lavelle. "Comments from the Treasurer at the G20, pave the way for the
nation to introduce the Australian Innovation and Manufacturing (AIM) Incentive."
Treasurer Hockey had said he "[welcomed] the recent proposal to amend certain intellectual property regimes of
'patent boxes' to ensure that they are not inappropriately used for tax avoidance".
The statement, over the weekend during the G20 meetings in Queensland, has been interpreted by some as "all but
ruling out" such a policy in Australia.
However, the leaders' communique from the meeting clarified: "We are taking actions to ensure the fairness of the
international tax system and to secure countries revenue bases. Profits should be taxed where economic activities
deriving the profits are performed and where value is created."
AusBiotech has been pushing for a patent box policy for some time and recently gathered a few more allies - of the
Export Council of Australia, the Medical Technology Association of Australia and Cook Medical Australia - to its
proposed AIM Incentive.
Dr Lavelle now says: "The introduction of this nation-building tax incentive has been hampered by tax avoidance issues
and the plugging of the gaps will allow this reform to progress."
"The R&D Tax Incentive has proven to be a great foundation for innovation in Australia, but the tax reform story is not
yet complete," she adds. "Australia needs an incentive for innovative companies to work their intellectual property and
share the spillover benefits, such as jobs and exports, with the Australian community."
Michelle Lam
michelle.lam@lushmedia.com.au

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Copyright Lush Media. End of News - printed 18 November 2014

http://www.pharmainfocus.com.au/NewsPrint.asp?newsid=8589

18/11/2014

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