(August 14, 2015)

The Inland Revenue Authority of Singapore has updated the section of its website that is titled “Tax Treatment of Business Expenses”. This section does not only discuss the deductibility of specific business expenses such as Research & Development (R&D) Expenditure, Employee Equity-Based Remuneration (EEBR) Scheme for Corporate Tax, Impairment Loss on Trade Debts and Registration Costs for Patents, Trademarks, Designs and Plant Varieties, but it also contains links to several IRAS e-Tax Guides that have been issued by the Inland Revenue Authority of Singapore with respect to some of the subjects discussed in this section of its website.

Subjects discussed in this section include a.o.:

• Donations

• Employee Equity-Based Remuneration (EEBR) Scheme for Corporate Tax

  • Deduction for Treasury Shares

  • Deduction for Shares Acquired from a Special Purpose Vehicle (SPV)

  • Timing of Tax Deduction

  • Determining the Amount of Tax Deduction

• Employment Assistance Payment (EAP) or Re-employment of Older Employees)

• Expenses Incurred before Commencement of Business

  • Definition of Date of Commencement

  • Deduction for Expenses Incurred before Commencement of Business

• Impairment Loss on Trade Debts

  • Opting for pre-FRS 39 Tax Treatment

  • Claiming Tax Deduction

• Interest Adjustment

  • Definition of Non-Income Producing Assets

  • Method for Computing Interest Adjustments

• Interest Incurred on Loans to Re-finance Earlier Loans or Borrowings

  • Administrative Concession for Interest Incurred on Loans to Re-finance Earlier Loans or Borrowings

• Medical Expenses

• Motor Vehicle Expenses

• Private Hire Car

• Registration Costs for Patents, Trademarks, Designs and Plant Varieties

  • Qualifying costs for Tax Deduction

  • Tax Deduction under the Productivity and Innovation Credit (PIC) scheme

  • Claiming Tax Deduction for Registration Costs

  • Disposal of Patents, Trademarks, Designs and Plant Varieties

• Reinstatement Costs (expenses incurred to reinstate premises to its original condition prior to vacating it at the end of the tenancy agreement)

• Renovation or Refurbishment Works Expenditure (Section 14Q)

• Research & Development (R&D) Expenditure

  • Who can claim R&D tax benefits

  • How to determine if a project qualifies for R&D tax benefits

  • Non-Qualifying R&D Activities

  • R&D Documentation

  • What is qualifying R&D expenditure

  • How the claim process works

  • Technical Advisory Panel

• Retrenchment Payments and Outplacement Support Costs

• Statutory and Regulatory Expenses

• Supplementary Retirement Scheme (SRS)

• Topping-Up of Employees' CPF Minimum Sums

• Voluntary Cash Contributions to Medisave Account

Click here to be forwarded to the section “Tax Treatment of Business Expenses” of the website of the Inland Revenue Authority of Singapore, which will open in a new window.

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