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Research, Development and Taxation Incentive -Innovation confirmation (ON PILOT BASIS)
In the 2017/2018 Budget Speech of the Minister of Finance and Economic Development, three measures regarding R, D&I Taxation Benefits were introduced. The MRIC, as main institution responsible for research and innovation has been given the responsibility to support the implementation of two measures as follow, through the assessment of project innovativeness:
1. Double Deduction for R, D&I Activities
The Finance (Miscellaneous Provision) Act 2017 introduced a new deduction under section 161A (55) of the Income Tax.
Under this measure a person incurring expenditure on qualified R&D in direct relation to his business is allowed a double deduction (i.e. an additional 100%) of the amount of expenditure incurred
If the R&D is not related, then it is only a 100% deduction which is allowed.
2. Accelerated Depreciation
A company investing or spending on innovation, improvement or development of a process, product or service will be eligible for accelerated depreciation of 50% in respect of capital expenditure incurred on R&D.
For more details:
To apply, click here.
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