(October 30, 2014)

Whereas only on August 22, 2014 the Inland Revenue Authority of Singapore (IRAS) published the Second edition of the IRAS e-Tax Guide: “Research and Development – Tax Measures”, already on October 30, 2014 IRAS published the Third 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 clarifies on the existing definition of R&D and its qualifying criteria. The Guide is meant to help taxpayers self-asses if their R&D activities are qualifying R&D activities for tax purposes.

 

The Guide provides 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 Third 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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