Singapore legislation
Regulation 4
of Income Tax (Productivity and Innovation Credit Plus Scheme) Regulations 2015
Regulation 4
Computation of enhanced deduction or allowance
Subregulation 1
In computing the enhanced deduction or allowance under a PIC provision (except section 14DA(2) of the Act) for a qualifying person for the year of assessment 2015 for qualifying expenditure incurred in the basis period for that year of assessment, the affected amount in that PIC provision is to be substituted with the lower of the following:
the amount of that expenditure;
the balance after deducting from $1,400,000, the lower of the following:
the sum of the same description of expenditure incurred in the basis periods for the years of assessment 2013 and 2014;
$1,200,000.
Subregulation 2
If the qualifying person does not carry on any trade, profession or business in the basis period for either of the years of assessment 2013 and 2014, the references to “$1,400,000” and “$1,200,000” in paragraph (1)(b) are to be substituted with “$1,000,000” and “$800,000”, respectively.
Subregulation 3
If the qualifying person does not carry on any trade, profession or business in the basis periods for both the years of assessment 2013 and 2014, the balance referred to in paragraph (1)(b) is to be substituted with “$600,000”.
Subregulation 4
To avoid doubt, the expenditure incurred in the basis period for the year of assessment 2013 or 2014 is to be omitted from the sum in paragraph (1)(b) if the qualifying person does not carry on any trade, profession or business in that basis period.