PMA AGENDA INCLUDES FULL LIST OF TAX ISSUES IN ADDITION TO SEC. 936 -- SCHOELLHORN
PMA's 1985 agenda includes a series of tax issues in addition to its efforts to retain the Section 936 Puerto Rican tax incentive the federal tax code, 1985 PMA Chairman Robert Schoellhorn noted in remarks which concluded the assn.'s April 14-16 annual meeting in Boca Raton, Florida. Briefly running-down important issues for the assn. this year, Schoellhorn listed a series of tax matters which he said must be addressed "to help keep jobs here [in the U.S.], contribute to a favorable balance of trade, and encourage innovation." The new PMA chairman declared that "we must continue to defer tax on foreign income until it is repatriated to the U.S.; we must maintain the foreign tax credit to prevent double taxation by both foreign and our own govt.; we must preserve the research and development tax provisions that were enacted in 1981; and we should also make permanent the suspension of the allocation of domestic research expenses to foreign sources of income." The most important tax issue, however, remains the Section 936 tax provisions affecting operations in Puerto Rico, Schoellhorn declared. Further reductions in tax incentives for operations in Puerto Rico, he said, "will not only hurt the companies, but will have a serious negative impact on the Puerto Rican economy, and its future. We must strenuously resist any further changes." Schoellhorn reiterated that PMA's other top priorities include: working to reform FDA's drug approval process to speed the review of new drugs, and the enactment of drug export legislation. At the annual meeting board session, the assn.'s directors reviewed the activities of a PMA subcmte. chaired by Roche President Irwin Lerner which is looking at ways to improve the process. That group has developed a series of possible ways to improve the system, including: improving FDA's electronic systems; expanding the role of advisory cmtes.; incorporating elements of foreign drug regulatory mechanisms, and increasing scientific exchange through seminars. PMA's board also adopted a motion to press for the drug export this year. Sen. Hatch told PMA in a speech to the annual meeting that drug export legislation is a top priority this year. PMA does not anticipate hearings on drug exports until after the budget debate. Mid-May would be the earliest possible date. PMA's Chairman Elect is Bristol-Myers Exec. VP William Miller, who is in line to become Chairman at the assn.'s annual meeting next year. Marion President Fred Lyons was re-elected treasurer. New board members include: Beecham President Marion Jones; Sterling President and CEO John Pietruski, Glaxo President Joseph Ruvane, Boehringer Ingelheim President and CEO Harvey Sadow, PhD, and Johnson & Johnson Executive Cmte. member Robert Wilson.(ITEM 190)Picture, 1985 PMA Chairman Robert Schoellhorn
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