Germany and Britain Agree on Closing 'Patent Box' Loophole: Officials

Germany and Britain agree on closing 'patent box' loophole: officials

(Reuters) - Germany and Britain have reached an agreement on closing a loophole called "patent box" tax breaks, just days before a meeting of the leaders of the Group of Twenty (G20) in Brisbane, senior German government officials said on Monday.Under the loophole, firms use tax breaks on profits generated from patented research to minimize tax bills. Under the loophole, firms use tax breaks on profits generated from patented research to minimize tax bills.