Taxation Policy: A Much-Needed Push for Intellectual Property Creation in India

Abstract

Tax is one of the sources of funds for the State to be able to provide public goods. Tax policy has also been strategically exploited by the State to achieve desired social interventions and developments. In the modern era, such social development is driven in large part by the growth of intellectual property. Each State strives to achieve an edge over other states through intellectual property. India is no exception and is striving to incentivize the creation of IP via the tax system. In this paper, the authors establish how both tax policy and a robust intellectual property regime have led to the development of the country. The authors have carried out a brief comparative analysis of the tools used by Singapore in their taxation policy which have resulted in the growth of intellectual property. The paper briefly analyses the various tools used by India in its taxation policy for the promotion of intellectual property and their likely impact on India’s aspiration to become self-reliant and globally competitive in the sphere of intellectual property.