Italy to introduce 20% tax break for R&D of drugs including COVID-19 vaccines – draft

FILE PHOTO: A researcher works inside a laboratory during the development of the Italian ReiThera COVID-19 vaccine, in this undated handout photo in Rome, Italy. REITHERA/Handout via REUTERS

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ROME (Reuters) – Italy will introduce tax breaks of 20% for companies conducting research and development for innovative drugs, including COVID-19 vaccines, provided they grant non exclusive licenses, according to a draft decree seen by Reuters.

These companies will be entitled to a tax credit equal to 20% of the costs they incurred from June 1, 2021 to Dec. 31, 2030 on condition they commit to grant licenses to third parties in the European Economic Area “on non-discriminatory market terms”, the draft showed.

(This story has been refiled to add dropped word in headline)

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