Section 14H

where such expenditure is allowable as a deduction under section 14, a further deduction of the amount of such expenditure in addition to the deduction allowed under that section; or

where such expenditure is not allowable as a deduction under section 14, a deduction equal to twice the amount of such expenditure.

need not be an approved firm or approved company to be allowed a deduction under subsection (1) in respect of the following expenditure that is directly attributable to the carrying out of any study to identify investment overseas:

where the expenditure is incurred during the period between 1 April 2012 and 16 February 2021 (both dates inclusive) — any investment development expenditure;

where the expenditure is incurred during the period between 17 February 2021 and 31 December 2025 (both dates inclusive) — such investment development expenditure as is prescribed by rules made under section 7; and

need not seek approval for the investment project to which the expenditure relates.

for a year of assessment before the year of assessment 2019 — $100,000; or

for the year of assessment 2019 or a subsequent year of assessment — $150,000.

specify the maximum amount of investment development expenditure for the carrying out of an approved investment project overseas (or any item thereof) to be allowed under subsection (1), other than expenditure that is the subject of a claim for deduction under subsection (1A); and

impose such conditions as he thinks fit when approving the investment project for which the deduction is to be allowed under this section.

the amount of expenditure allowed as a deduction or a further deduction to a firm or company under subsection (1); and

any amount of expenditure allowed as a deduction or a further deduction to the firm or company under section 14I(1),must not exceed $1 million for each year of assessment.

travelling, accommodation and subsistence expenses or allowances for —

more than 2 employees taking part in any study to identify investment overseas; or

more than the approved number of employees taking part in any feasibility or due diligence study on any approved investment overseas;

any expenditure incurred during the basis period for a year of assessment by a firm or company if —

any part of its income for that year of assessment is exempt or partly exempt from tax under section 13A, 13E, 13P or 13S;

any part of its income for that year of assessment is subject to tax at a concessionary rate of tax under section 43C, 43D, 43E, 43G, 43I, 43J, 43L, 43P, 43Q, 43R, 43U, 43V or 43X, or the regulations made under any of those sections; or

it is given tax relief under Part 2, 3 or 4 of the Economic Expansion Incentives (Relief from Income Tax) Act 1967 for that year of assessment, or is given an investment allowance under Part 8 of that Act for that year of assessment; or

any expenditure to the extent it is or is to be subsidised by a grant or subsidy from the Government or a statutory board.

expenses directly attributable to the carrying out of —

any study to identify investment overseas; and

any feasibility or due diligence study on any approved investment overseas; and

expenses incurred on or after 17 February 2021 for the transportation of any sample for use in any study carried out overseas to identify investment overseas.