13 Aug 2018
Subject
Tax alert
Categories
Business incentives advisory Tax alert
Jurisdictions
Singapore
The introduction of the Intellectual Property (IP) Development Incentive (IDI) was announced in Singapore Budget 2017.
Since then, the Forum of Harmful Tax Practices had reviewed Singapore’s preferential regimes, clearing most of its regimes in October 2017 as not harmful.
In May 2018, the legislation to remove IP income from the scope of the Pioneer Certificate – Services (PC-S) and Development and Expansion Incentive (DEI) for new incentive awards approved on or after 1 July 2018, as well as the grandfathering of such income until 30 June 2021 for existing incentive recipients, was gazetted.
The draft Income Tax (Amendment) Bill, which was issued by the Ministry of Finance for public consultation from 20 June 2018 to 11 July 2018, includes a new Section 43ZI for the IDI and provides further details of the IDI regime.
