Belgian Chamber of Representatives approves new innovation income system
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On 2 February 2017, the Belgian Chamber of Representatives approved the bill introducing a reduction of tax on innovation income from royalties. Compared to the existing regime that governs the tax-deductibility of royalties in Belgium, the new provisions allow for a higher tax-deductibility rate for income from royalties and broaden the scope of application, for example, to include revenues from orphan drug designations and plant breeders' rights. The bill has been sent to the King for royal assent and is expected to enter into force by 1 July 2017.
A prior version of this post was originally published by the same authors in Practical Law – Life Sciences, February 2017 Issue (Thomson Reuters).