Singapore legislation
Regulation 2
of Income Tax (Productivity and Innovation Credit Plus Scheme) Regulations 2015
Regulation 2
Meaning of “qualifying persons” and “qualifying conditions”
Subregulation 1
For the purposes of section 37IC of the Act and these Regulations, a qualifying person for any year of assessment set out in the first column of the following table, is a person who meets the qualifying conditions in the corresponding year of assessment set out opposite in the second column of the table:First columnSecond columnYear of assessmentCorresponding year of assessment20152014 or 201520162015 or 201620172015, 2016 or 201720182015, 2016, 2017 or 2018.
Subregulation 2
In these Regulations, a person meets the qualifying conditions in a year of assessment if the person carries on a trade, profession or business in Singapore in the basis period for that year of assessment, and —
for a person that is a company which is not part of a group, if the person —
derives not more than $100 million in turnover in that basis period; or
employs not more than 200 employees as at the last day of that basis period;
for a person that is a company which is part of a group, if all entities in the group —
derive, in total, not more than $100 million in turnover in that basis period; or
employ, in total, not more than 200 employees as at the last day of that basis period;
for a person who is an individual sole proprietor, if the person —
derives not more than $100 million in that basis period from all of the person’s trades, professions and businesses carried on through sole‑proprietorships; or
employs, in respect of all of those trades, professions and businesses, not more than 200 employees as at the last day of that basis period;
for a person that is a partnership which is either under the control of a single partner who is an individual, or over which no single partner has control, if the partnership —
derives not more than $100 million in turnover in the basis period; or
employs not more than 200 employees as at the last day of the basis period; or
for a person that is a partnership under the control of a single partner which is a company, if, collectively, the partnership, the company, and all other entities in the group of which the partnership and the company are parts —
derive, in total, not more than $100 million in turnover in the basis period; or
employ, in total, not more than 200 employees as at the last day of the basis period.
Subregulation 3
In paragraph (2)(d) and (e), whether or not a partnership is under the control of a partner is determined in accordance with FRS 27 or FRS 110, whichever is applicable to the partnership.
Subregulation 4
In this regulation —
Definition
“FRS 27” means the financial reporting standard known as Financial Reporting Standard 27 (Consolidated and Separate Financial Statements) that is treated as made by the Accounting Standards Council under Part III of the Accounting Standards Act (Cap. 2B), as amended from time to time;
Definition
“FRS 110” means the financial reporting standard known as Financial Reporting Standard 110 (Consolidated Financial Statements) that is treated as made by the Accounting Standards Council under Part III of the Accounting Standards Act, as amended from time to time;
Definition
“group” means a group of entities (whether incorporated or registered in Singapore or elsewhere) comprising a parent and its subsidiaries within the meaning of FRS 27 or FRS 110, whichever is applicable to the person.