Channel NewsAsia
Updated: 02/21/2014 20:53 | By Channel NewsAsia

Budget 2014: Govt to extend further tax deduction on R&D expenditure

Budget 2014: Govt to extend further tax deduction on R&D expenditure


Budget 2014: Govt to extend further tax deduction on R&D expenditure

SINGAPORE: To continue encouraging private research and development (R&D), the government will extend the 50 per cent additional tax deduction on qualifying R&D expenditure for another 10 years, till YA2025.

To attract businesses to conduct large R&D projects in Singapore, the further tax deduction will be administered by the Economic Development Board (EDB) till 31 March 2020.

In line with the above extensions, businesses can continue to claim tax deductions/allowance on R&D expenditure incurred for R&D in areas unrelated to their existing trade or business, as long as the R&D is conducted in Singapore.

Businesses can also continue to claim a further deduction of up to 300 per cent on qualifying R&D expenditure of up to S$400,000 under the extended PIC scheme. 

- CNA/xq

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