The Singapore Ministry of Finance has announced the launch of a public consultation exercise on draft guidelines for what constitutes Research and Development for income tax purposes.
The consultation exercise began on 21st August and will conclude on 10th September, 2008, the ministry announced last week.
The 2008 budget, announced by Minister for Finance, Tharman Shanmugaratnam, in February introduced four income tax changes to encourage pervasive R&D to be done in Singapore. Specifically, the R&D-related income tax changes are: an increase from 100% to 150% in tax deduction for R&D done in Singapore; a tax deduction for R&D which can be claimed even if the R&D is not relevant to the company’s existing trade or business; an R&D Incentive for Start-up Enterprises (RISE); and an R&D Tax Allowance scheme.
To provide greater clarity on what constitutes R&D for income tax purpose, the government will release R&D guidance together with the other details of the various R&D schemes by end of September 2008.
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