Singapore legislation
Regulation 5
of Income Tax (Productivity and Innovation Credit Plus Scheme) Regulations 2015
Regulation 5
Modification of manner of computing deduction under section 14DA of Act
Subregulation 1
In computing the enhanced deduction under 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 specified amount in section 14DA(4) of the Act is to be substituted with an amount computed in the following manner:$1,400,000-the subsection (2) amounts for the years of assessment 2013 and 2014.
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 reference to “$1,400,000” in paragraph (1) is to be substituted with “$1,000,000”.
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 reference to “$1,400,000” in paragraph (1) is to be substituted with “$600,000”.
Subregulation 4
To avoid doubt, no deduction is to be made under paragraph (1) of the subsection (2) amount for the year of assessment 2013 or 2014 if the qualifying person does not carry on any trade, profession or business in the basis period for that year of assessment.