The so-called ‘patent box’ offering a concessional 17 per cent tax rate for income derived from medical and biotech intellectual property has been championed by CSL.
The Albanese government intends to abandon a tax break for medical and biotech patents, a policy designed by the former Coalition government but never legislated.
The Organisation for Economic Co-operation and Development has also noted that low tax rates for intellectual property-related income could lead to harmful tax practices such as tax planning and profit-shifting to low-tax jurisdictions.Treasurer Jim Chalmers’ spokesman declined to comment on Thursday.
Business groups had argued that the targeted tax break was required after the former Coalition government narrowly failed in the Senate to reduce the corporate tax rate from 30 per cent to 25 per cent. “It aligns with the types of policies that can generate the economic dynamism currently lacking,” it said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Not surprising’ Labor aren’t ‘supporters of the coal industry’It’s “not surprising” the Labor Party at both state and federal levels are “not supporters of the coal industry,” says Member for Flynn Colin Boyce. This comes after Environment Minister Tanya Plibersek blocked Clive Palmer’s Central Queensland coal mine project on Wednesday afternoon. “We've seen that with their legislation, we've seen the state Labor government impose these huge mining tax royalties on the coal industry,” Mr Boyce told Sky News commentator Steve Price. “We've seen recently Climate Minister Chris Bowen announce the safety net mechanism, which is basically just carbon tax.”
Read more »
‘Appalling mistake’: Labor failed to notify UN about major Nauru legal bungle for six weeksHome Affairs Minister Clare O’Neil allowed pivotal legislation which provides Nauru with the power to process refugees to lapse and failed to inform the UN for six weeks.
Read more »
Peter Dutton warns Liberal moderates to vote against Labor’s safeguard mechanism overhaulAfter internal concerns were raised over Coalition position on crediting, opposition leader says he expects no one to break ranks
Read more »
Nauru ‘catastrophe’ happened on ‘Labor’s watch’Shadow Home Affairs Minister Karen Andrews says there is something seriously “not quite right” with the reauthorisation of the offshore immigration detention on Nauru. “We know it is potentially an untested legal area because at no time during the Coalition’s watch anyway was there an issue in relation to Nauru being a designated regional processing centre,” she told commentator Steve Price. “So this whole catastrophe happened on Labor’s watch and they can’t continue to keep blaming the Coalition.'
Read more »
Victorian Labor pursuing ‘Stasi’ agenda with new Voice curriculumIndigenous leader Warren Mundine has slammed the Andrews Government’s decision to “indoctrinate” Victorian classrooms with a Voice to Parliament agenda.
Read more »
Labor condemned for ‘abhorrently cruel’ decision to put 100 people back in immigration detentionThe group released around Christmas will be re-detained due to a retrospective bill reimposing a stricter interpretation of the character test
Read more »