India’s Pharma R&D Spinoffs Unlikely To Get 150 Percent Tax Exemptions (India)
This article was originally published in PharmAsia News
India's finance ministry has indicated it is not likely to extend the tax exemptions for in-house research conducted by pharmaceutical companies operating in the country to stand-alone R&D firms. Companies such as Dr. Reddy's and Sun Pharma recently spun off their research arms into stand-alone companies expected to continue to receive the exemptions, which amount to deductions of up to 150 percent of research and development expenses. Ranbaxy and Nicholas Piramal also have announced plans to create separate companies for their R&D work. The finance ministry apparently is considering allegations of abuse of the exemptions and has been advised to drop them altogether. (Click here for more
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