India's Central Board of Direct Taxation has issued Notification No. 25/2017 concerning the country's patent box regime, which was introduced as part of the Finance Act, 2016. The regime, which is based on the BEPS modified nexus approach, provides for a concessional tax rate of 10% on royalty income derived by Indian residents from patents developed and registered in India. For this purpose, "developed in India" means that at least 75% of the expenditure for the development of the eligible p…