Patents and trademarks are required to be registered by Business and Intellectual Property Authority (BIPA) – and at times annual fees and renewal fees are payable.
According to section 17(j) of the Income Tax Act, expenses incurred to obtain an extension to the lifespan of any patent or the extension of the registration period of any design or the renewal of the registration of any trademark shall be deducted in FULL during the tax year it was incurred.
The condition is that such patent, design or trademark must be used by the taxpayer in the production of his income or income is derived therefrom.
No deduction is allowed for dormant patents.
– Update by Lazarus Amukeshe, Hdip Tax
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