To foster companies to engage in R&D and Innovation activities, the government has announced the deployment of the Enterprise Innovation Scheme (EIS). Under the EIS, existing tax measures, such as the R&D Tax Measure, will be enhanced and a new tax measure will be introduced.
By providing tax deductions and enhanced benefits, the EIS encourages businesses to invest in five key categories:
If you are interested in learning more about the Enterprise Innovation Scheme and its benefits, please reach out to our experts and request a free diagnostics session!
*Note: The cap of S$400,000 will be determined on a per-activity basis. This means that if a business incurs qualifying expenditure across all five categories, it can claim enhanced deductions on a total of up to $1,650,000 [($400,000 x 4) + $50,000] of qualifying expenditure incurred.