Singapore legislation
Regulation 7
of Income Tax (Productivity and Innovation Credit Plus Scheme) Regulations 2015
Regulation 7
Modification of manner of computing deduction under section 14DA of Act for qualifying persons referred to in regulation 6
Subregulation 1
In computing the enhanced deduction under section 14DA(2) of the Act for a qualifying person referred to in regulation 6(1), for qualifying expenditure for that section incurred in the basis period for the year of assessment 2016, 2017 or 2018, the specified amount in section 14DA(4) of the Act is to be substituted with —
for the year of assessment 2016, $1,800,000;
for the year of assessment 2017, the amount derived by the following formula:$1,800,000-the subsection (2) amount for the year of assessment 2016; and
for the year of assessment 2018, the amount derived by the following formula:$1,800,000-the subsection (2) amounts for the years of assessment 2016 and 2017.
Subregulation 2
If the qualifying person does not carry on any trade, profession or business in the basis period for any one year of assessment between the years of assessment 2016 and 2018 (both years inclusive), the references to “$1,800,000” in the sub-paragraphs of paragraph (1) that apply to the other 2 years of assessment are each to be substituted with “$1,200,000”.
Subregulation 3
If the qualifying person does not carry on any trade, profession or business in the basis periods for any 2 years of assessment between the years of assessment 2016 and 2018 (both years inclusive), the reference to “$1,800,000” in the sub-paragraph of paragraph (1) that applies to the remaining year of assessment is to be substituted with “$600,000”.
Subregulation 4
To avoid doubt, no deduction is to be made under the applicable formula in paragraph (1)(b) or (c) of the subsection (2) amount for any year of assessment if the qualifying person does not carry on any trade, profession or business in the basis period for that year of assessment.