Federal Tax Law Changed to Stimulate Foreign Investment for Canadian Biotech Industry

SUGAR LAND--March 26, 2010--Reported by Annette Kreuger, Industrial Info Resources (Sugar Land, Texas)--Contrary to the implementation of tougher rules for people wanting to enter Canada, the country wants its borders wide open to foreign investment. Determined to become a global player in the biotech market, the Canadian federal government modified a number of tax laws governing the Canada-U.S. tax treaty on March 4, 2010. The changes to section 116 have eliminated cumbersome double tax-filing requirements and administrative delays, which have deterred foreign venture capital and institutional investors from investing in Canadian biotechnology firms.