Refundable Investment Credit

The Refundable Investment Credit (RIC) encourages companies to make significant new or expanded investments in substantive economic activities in Singapore in key economic sectors and new growth areas. Tax credits are awarded on qualifying expenditures incurred in Singapore during the period of the award.

The team

Photographic portrait of Johanes Candra
Johanes Candra
Partner, Business Incentives Advisory, Ernst & Young Solutions LLP
Photographic portrait of Tracy Tham
Tracy Tham
Partner, Business Incentives Advisory, Ernst & Young Solutions LLP
Photographic portrait of Samir Bedi
Samir Bedi
EY Asean People Consulting Leader; Singapore Government & Public Sector Leader, Ernst & Young Advisory Pte. Ltd.

Qualifying activities*

  • Investing in new productive capacity
  • Expanding or establishing the scope of activities in digital services, professional services and supply chain management
  • Expanding or establishing headquarters activities or centers of excellence
  • Carrying out R&D and innovation activities
  • Implementing solutions with decarbonization objectives
  • Setting up or expanding activities by commodity trading firms

Criteria for application*

Companies incorporated in Singapore or branches of foreign companies registered in Singapore that do the following:

  • Make significant new investments
  • Advance Singapore's capabilities in globally leading industries and new growth sectors

*Note: Information accurate as of 23 February 2026

How can EY teams help?

EY teams leverage extensive capabilities in discretionary incentives to offer companies broad, detailed consulting for the RIC. EY support encompasses evaluating the feasibility and strategic benefits of the RIC in relation to the organization’s future plans, developing a robust business proposal for submission to government authorities, navigating complex negotiations, formalizing the incentive package and supporting ongoing compliance and maintenance requirements. Through this structured approach, organizations can realize value from the RIC with confidence and precision.

Our latest thinking

Release of subsidiary legislation for Refundable Investment Credits.

This alert provides insights into the key features of the subsidiary legislation.

Johanes Candra + 1

Singapore Refundable Investment Credit: shaping the future of foreign direct investment

The RIC offers distinct advantages for entities at various stages of their life cycle.

Johanes Candra

    The team

    Johanes Candra

    Partner, Business Incentives Advisory, Ernst & Young Solutions LLP
    Enjoys learning. Passionate about playing a key role in building and transforming businesses, government policies and teams. Proud father of two.
    Singapore, Singapore

    Tracy Tham

    Partner, Business Incentives Advisory, Ernst & Young Solutions LLP
    Driven to empower individuals and businesses. Avid reader and caffeine aficionado. Passionate about preserving the Singaporean spirit and culture.
    Singapore, Singapore

    Samir Bedi

    EY Asean People Consulting Leader; Singapore Government & Public Sector Leader, Ernst & Young Advisory Pte. Ltd.
    Lifelong learner. Passionate about talent and human resources consulting. Believer of human-centered growth. Sports enthusiast.
    Singapore, Singapore

    Accelerate growth with government incentives

    EY teams help your enterprise navigate the incentive landscape to accelerate growth and enhance competitiveness.

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