NEWS

Australian government plans to include agriculture and low-emission technologies in the "patent box" category

Release time:

2022-08-26 13:58

 

The Australian Government in 2022-23The expansion of a new patent box program to encourage innovation in indigenous biological and medical technology was announced in the federal budget. The expansion of the patent box program is designed to support practical technology innovation in agriculture and veterinary medicine, as well as technologies that help reduce greenhouse gas emissions, to achieve the Australian government's expected.2050The goal of net zero emissions for the year.

 

"Patent Box (Patent Box)"System, that is, the preferential tax policies that countries carry out in order to stimulate enterprise innovation. This tax benefit applies to eligible patents and plant breeders' rights in Australia.(Plant Breeders' Rights, PBR). Although the plan has not passed through Parliament a year after its publication, once it is implemented, companies engaged in agriculture and low-emission technologies will be able to obtain it through the patent box. 17%of preferential tax rates (large enterprises are 30%, small and medium-sized enterprises 25%). The Government intends to apply the preferential tax rate to patents granted within the following time frame: in the field of biological and medical technology, 2022Year 7Month 1day and will cover 2021Year 5Month 11In the field of agriculture and low-emission technologies, patents are scheduled to be granted after the date. 2023Year 7Month 1day and will cover 2022Year 3Month 29Patents granted after the date or PBR.

 

In the field of agriculture, the conditions for eligible patents are "Practical and technology-centered inventions", which include the rights of plant breeders (PBRS) protected plant varieties, or in the Australian Pesticides and Veterinary Medications Authority (APVMA) of the listed agricultural products and veterinary drugs. In the case of low-emission technologies, patents that cover emission-reduction technologies will qualify. In other words, companies must commercialize patented technologies with the potential to reduce emissions, which can be said to broaden the scope to multiple industrial fields.

 

In addition, the federal budget also announced that if the research and development phase is carried out in Australia, then whether it is a patent authorized by the Australian Intellectual Property Office, or a patent authorized by the United States Patent and Trademark Office and the European Patent Office, it will be eligible for the preferential tax rate of the patent box. At this stage, after the Australian government has negotiated with the industry and resolved the relevant details, agriculture and emission reduction technologies will be included in the patent box for relevant legislation.

Plan, patent, australia, emission, technology, authorization, agriculture, government, technology field, preferential