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Did you know?
Innovative companies undertaking Research and Development (R&D) activities may be eligible to claim an IRAS tax deduction or cash refund of up to 250%. This is a generous business incentive provided by IRAS to spur national economic growth by rewarding companies embarking on R&D.
IRAS R&D Tax Deduction Scheme
The Singapore Government’s IRAS tax deduction scheme has been instituted to encourage companies to grow their R&D capabilities aimed at innovation.
The guidelines for this scheme as set out by IRAS are available here.
The scheme provides financial support in the form of tax deductions or cash refund to boost competitiveness and productivity across sectors by undertaking R&D that leads to innovation. Up to 250% in tax deductions are available to companies building up their R&D capabilities and undertaking innovative activities.
Main issues facing companies
1
Most companies have difficulty in recognising and relating R&D as defined by IRAS R&D tax legislation. They simply do not have the in-house capabilities to do so. Our experience is that there tends to be a big difference between what companies regard as R&D and what IRAS tax legislation regards as R&D. Companies often do not understand that they are carrying our R&D activities with the potential to claim tax deductions or cash refund against eligible expenses for these activities.
2
As well, a company’s R&D claim application must be written and reported in line with IRAS R&D tax legislation to be successful. Inadequacies in claim preparation can deem the application ineligible and result in the loss of tax benefits for your company.
Find out if you qualify and how we can help you claim
Identifying R&D opportunities and inventive, innovative activities that result in patents, intellectual property rights or licences.
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