Several R&D tax concessions and reform measures may be applicable to your business.  With effect from year of assessment 2009, there is a modified definition of R&D for tax purposes, enhanced tax deductions of 150% on R&D activities performed in Singapore, a new R&D Tax Allowance Scheme where allowance will be given up to an amount of 50% of the first $300,000 of the chargeable income and the ability to encash tax losses up to a limit under the Reseach Incentive Scheme for Start-up Enterprise.

 

We can aid businesses in identifying qualifying R&D expenditure in order to claim further tax deductions under the concessions.  We can also provide training sessions with operational personnel to brainstorm and identify potential qualifying R&D projects that fall within the definition of R&D under the Singapore Income Tax Act.

 

Typically, the generic scope for training could be: 

a) providing a general overview of the R&D environment in Singapore; and

b) review the business plans for proposed R&D modelling and advising on the tax implications of various options.

 

We would be happy to discuss with you on possible areas as to how your business can beneft from such measures.