PKF’s Worldwide Tax Update seeks to capture notable tax changes and updates from around the world, which are contributed by our worldwide network of member firms, and provides a commentary with further insights at the foot of each article.

In our last issue you may recall that we discussed the intellectual property ‘boxes’ introduced by Ireland and the Netherlands. In this issue we look at Cyprus and Italy, two countries that have also created a special tax treatment for intellectual property (IP) with the aim of attracting direct investment from overseas research and development organisations as well as protecting their own IP base.