December 3, 2003 – Financial Law 2004 – Changes in
Intellectual Property.
The Financial Law for the year 2004, currently passing
through parliament, provides for two important changes concerning
intangible assets, including trademarks and patents.
The new arrangements include:
1. Reopening of the terms for the revaluation of company assets.
In article 5 the draft legislation contains the reopening of the
revaluation of company assets on the balance sheet at year end
31-12-2003.
As regards the above possibility, we believe that it is important
for companies to carefully evaluate the opportunity which has
arisen, with particular reference to the revaluation of patents,
in so far as the combination between the payment terms of the
substitute tax and the deductibility of the depreciation, renders
an immediate advantage to companies who have an estimated fiscal
profitability in the next three years.
2. Tecno-Tremonti – Incentive for Research & Development.
For the financial year 2004 it is possible to reduce the taxable
income by Research and Development costs, including those for
obtaining of a patent, equal to 10% of the value which can be
included among the intangible assets, in addition to the normal
deduction from the depreciation share.
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