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| EFTA Sanctions Liechtenstein's IP Tax Breaks |
by Ulrika Lomas, Tax-News.com, Brussels
Monday, June 13, 2011
The European Free Trade Association Surveillance Authority (ESA) has recently
approved a scheme for tax deductions in respect of intellectual property rights
in Liechtenstein.
According to the Authority, the scheme, which allows 80% of the income derived
from intellectual property rights to be claimed as a deductible expense prior
to the imposition of corporation tax, is compatible with European Economic Area
(EEA) rules.
Defending its ruling, ESA explains that: “The Authority considers that
no aid is involved as the tax deduction is available to all businesses, irrespective
of size, legal structure and sector. Therefore, the scheme does not favour any
product or services.”
Liechtenstein’s Prime Minister and Finance Minister Klaus Tschütscher
welcomed the decision, extolling the fact that the Principality’s special
tax regime pertaining to intellectual property rights guarantees on the one
hand the attractiveness of Liechtenstein as a location for innovative companies
and on the other serves to strengthen legal certainty for research companies
in Liechtenstein, presenting a particular advantage.
In its release, the Liechtenstein government points out that it elected to
notify ESA of the provisions contained in the country’s new tax law pertaining
to the taxation of intellectual property rights. The government initiated this
step, it stresses, not only for reasons of legal certainty but also to confirm
that the provisions are indeed in accordance with European law.
Concluding his remarks, Tschütscher emphasized that ESA’s ruling
confirms that the comprehensive reform of the Principality’s taxation
is indeed in accordance with the current requirements of EEA regulations. Here,
Tschütscher alluded not only to ESA’s latest ruling on intellectual
property rights, but also to the authority’s similar findings back in
February as regards private wealth structures in Liechtenstein, which guaranteed
a clear legal certainty both to financial intermediaries and to customers of
the Principality’s financial centre. As a result, the country’s
innovative industry is both supported and strengthened, he added.
.
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