Abstract
The proposed incorporation of traditional intellectual property into the definition of copyright, trade-marks and designs as defined in the Copyright Act, the Trade Marks Act and the Designs Act may affect the income tax liability of parties where traditional knowledge is the object of such a transaction. The aim of this contribution is to consider the potential income tax consequences of this incorporation for those receiving income and incurring expenditure in relation to the use or disposal of traditional knowledge
Highlights
One of the recognised differences between traditional knowledge and intellectual property is that the former is not always treated or viewed as a commercial commodity
The Intellectual Property Laws Amendment Bill1 proposes to put an end to this situation and have traditional knowledge treated as intellectual property and as a commercial commodity falling within Intellectual Property Law
One of the legal consequences that always merits attention in the commercial world is the tax liability of such parties, which may be affected by the broadening of the definitions contained in the intellectual property legislation
Summary
One of the recognised differences between traditional knowledge and intellectual property is that the former is not always treated or viewed as a commercial commodity. The Income Tax Act makes specific reference to intellectual property legislation where amounts received by or expenses incurred in relation to intellectual property would not fall into the general definition of gross income 9 or would not fulfil the requirements of the "general deductions formula".10
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