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Updated technical guidelines on the tax treatment of research and development (R&D) expenditure
The IRB has published on its website the Guidelines on the Application Procedure for a Special Deduction in respect of a Qualifying R&D Activity (Technical Guidelines), dated 26 June 2023. The new 16-page Technical Guidelines replace the earlier Technical Guidelines, which were issued on 29 December 2021 (see Tax Alert No. 1/2022). The new Technical Guidelines explains the application procedure for an approved qualifying R&D activity that qualifies for a special deduction under Section 34A of the Income Tax Act 1967 (ITA), and the requirement to submit the relevant forms when a claim is made for deductions under Sections 34(7), 34A or 34B of the ITA. The Guidelines are similar to the earlier 2021 Guidelines and were updated to incorporate the revised application forms – see Paragraph 4.1 of the Technical Guidelines.