8. Amendment of section 14B

In the ITA, in section 14B —

in subsection (2AB), after “permanent establishment in Singapore”, insert “, not being an approved firm or approved company,”;

in subsection (2AC), delete “, to the extent that such expenses do not fall within subsection (1)”;

after subsection (2AD), insert —“(2AE) For the purposes of subsection (1) and subject to subsection (2B), the firm or company need not be an approved firm or approved company to be allowed a deduction under subsection (1)(b) in respect of any expenses mentioned in subsection (2) that are incurred at any time during the period between the first day of the basis period for the year of assessment 2027 and 31 December 2030 (both dates inclusive).

expenses to secure a spot to speak at a trade mission or trade promotion activity held or conducted outside Singapore;

expenses for the transportation of any sample for use at a trade mission or trade promotion activity held or conducted outside Singapore;

expenses to engage a consultant (not being a related party of the firm or company or an officer or employee of such related party) to organise a business networking event during a trade mission or trade promotion activity held or conducted outside Singapore;

expenses directly attributable to the carrying out of market research or obtaining of market information, including any feasibility study;

expenses for the engagement of a consultant (not being a related party of the firm or company or an officer or employee of such related party) —

to identify a suitable person to promote the trading of any goods, or the provision of any services, in a foreign country; or

to build up a business network in a foreign country.

in subsections (2B) and (3), replace “and (2AB)” with “, (2AB), (2AE) and (2AF)”;

in subsection (2B)(a), delete “or” at the end;

in subsection (2B), replace paragraph (b) with —“(b)for any year of assessment between the years of assessment 2019 and 2026 (both years inclusive) — $150,000; or

for the year of assessment 2027 or a subsequent year of assessment — $400,000.”; and

in subsection (11), in the definition of “market development expenditure”, in paragraph (e)(i) and (ii), replace “country outside Singapore” with “foreign country”.