A ministerial decree revises the rules for an optional tax regime—one that provides a partial tax exemption on income from the use or exploitation of qualifying intangible assets (intellectual property or “IP”). The tax relief is referred to as the “patent box regime.”
The new decree (released in late November 2017) replaces a prior decree (issued in late July 2015), and the new decree reflects amendments made to the patent box regime by Law Decree no. 50 of 24 April 2017. The April 2017 law excluded trademarks from the list of qualifying IP. Accordingly, beginning from tax year 2017, the forms of IP qualifying under the patent box regime are: (1) software protected by copyright; (2) patents; (3) legally protectable designs and models; and (4) legally protectable processes, secret formulas and industrial, commercial or scientific knowledge (or “know-how”).
The new decree:
Read a December 2017 report [PDF 196 KB] prepared by the KPMG member firm in Italy
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.