GST Treatment of Virtual Currencies Insights Article

Singapore Publishes Tax Guide on Enterprise Innovation Scheme

GST Treatment of Virtual Currencies Insights Article

On 30 June 2023, the Inland Revenue Authority of Singapore (IRAS) published an e-Tax Guide on the Enterprise Innovation Scheme (EIS). The EIS was introduced by the Finance Minister in the Singapore 2023 Budget, and allows businesses engaging in research and development to: 

  • claim enhanced/new tax deductions and/or allowances (collectively referred to
    as “enhanced deductions”) on qualifying expenditure incurred, or
  • convert up to $100,000 of the total qualifying expenditure incurred for each Year of Assessment
    (YA) into cash at a conversion rate of 20%, in lieu of tax deductions/allowances.

The EIS is available from Year of Assessment (YA) 2024 to YA 2028. 

This article outlines the qualifying activities and expenditure caps of the EIS and deduction rules, amongst others. 

Read the Article

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Sivakumar Saravan Crowe Singapore
Sivakumar Saravan
Senior Partner
Tax and Corporate Services
Liew Kin Meng, Associate Director, Crowe Singapore
Liew Kin Meng
Tax Services