(January 22, 2015)
Whereas only on October 30, 2014 the Inland Revenue Authority of Singapore (IRAS) published the third edition of the IRAS e-Tax Guide: “Research and Development – Tax Measures”, already on January 22, 2015 IRAS published the fourth edition of the IRAS e-Tax Guide: “Research and Development – Tax Measures”.
The aim of the e-Tax Guide is to set out the relevant R&D tax measures as announced in Budgets 2008 to 2014. The Guide is meant to clarify on the existing definition of R&D and its qualifying criteria. Furthermore the Guide is meant to help taxpayers self-asses if their R&D activities are qualifying R&D activities for tax purposes.
The Guide is meant to provide guidance in the following areas:
· Qualifying R&D project;
· R&D Tax Deductions; and
· Administrative Procedures.
According to the Guide the definition of a qualifying R&D project covered in the e-Tax Guide is also relevant to the R&D claims made under the Productivity and Innovation Credit (PIC) Scheme.
Click here to be forwarded to the fourth edition of the IRAS e-Tax Guide: “Research and Development – Tax Measures” as published on the website of IRAS, which will open in a new window.
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