Enhanced deduction or allowance under Productivity and Innovation Credit Plus Scheme
37IC.—(1) A person who —
(a)
during the basis period for the year of assessment 2015, 2016, 2017 or 2018, has incurred any expenditure mentioned in the first column of the following table;
(b)
is a qualifying person for that year of assessment within the meaning of the regulations made under subsection (3); and
(c)
has made an application in accordance with subsection (2),
shall be entitled to an enhanced deduction or allowance under the provision in the second column (in the case of the year of assessment 2015) or the third column (in the case of any of the other years of assessment) of the table that corresponds to that expenditure, computed in accordance with the regulations made under subsection (3):
First column
Second column
Third column
Expenditure
Year of assessment 2015
Year of assessment 2016, 2017 or 2018
1.
Qualifying intellectual property registration costs as defined in section 14A
Section 14A(1B)
Section 14A(1BA)
2.
Qualifying expenditure as defined in section 14DA
Section 14DA(2)
Section 14DA(2)
3.
Qualifying training expenditure as defined in section 14R
Section 14R(2)
Section 14R(2A)
4.
Qualifying design expenditure as defined in section 14S
Section 14S(2)
Section 14S(2AA)
5.
Expenditure on the leasing of any PIC automation equipment, or procuring of cloud computing services as defined in section 14T
Section 14T(2)
Section 14T(2A)
6.
Expenditure on the licensing from another of any qualifying intellectual property rights as defined in section 14W
Section 14W(1)
Section 14W(4)
7.
Capital expenditure on the provision of any PIC automation equipment
(including any capital expenditure treated as capital expenditure incurred on the provision of PIC automation equipment under section 19A(16A))
Section 19A(2B)
Section 19A(2BAA)
8.
Capital expenditure on acquiring any intellectual property rights
Section 19B(1B)
Section 19B(1BAA)
(2) The application under subsection (1)(c) —
(a)
shall be made to the Comptroller at the time of lodgment by the qualifying person of the return of income for that year of assessment or within such extended time as the Comptroller may allow; and
(b)
shall be accompanied by such information and supporting document, given in such form and manner, as the Comptroller may specify.
(3) The Minister may make regulations —
(a)
to define a qualifying person for each year of assessment for the purposes of subsection (1);
(b)
to provide for the computation of the amount of the enhanced deduction or allowance under that subsection; and
(c)
to make provisions generally for giving effect to or for carrying out the purposes of this section.
(4) All regulations made under subsection (3) shall be presented to Parliament as soon as possible after publication in the Gazette.
(5) To avoid doubt, an enhanced deduction or allowance referred to in subsection (1) is a deduction or allowance under the applicable provision under the second or third column of the table in that subsection, and the provisions of section 14A, 14DA, 14R, 14S, 14T, 14W, 19A or 19B (whichever is applicable) shall apply to the deduction or allowance.
(6) In this section, “person” means a company or firm (including a partnership).
[Act 37 of 2014 wef 27/11/2014]
Informal Consolidation | Amended Act 34 of 2016
Enhanced deduction or allowance under Productivity and Innovation Credit Plus Scheme
37IC.—(1) A person who —
(a)
during the basis period for the year of assessment 2015, 2016, 2017 or 2018, has incurred any expenditure mentioned in the first column of the following table;
(b)
is a qualifying person for that year of assessment within the meaning of the regulations made under subsection (3); and
(c)
has made an application in accordance with subsection (2),
shall be entitled to an enhanced deduction or allowance under the provision in the second column (in the case of the year of assessment 2015) or the third column (in the case of any of the other years of assessment) of the table that corresponds to that expenditure, computed in accordance with the regulations made under subsection (3):
First column
Second column
Third column
Expenditure
Year of assessment 2015
Year of assessment 2016, 2017 or 2018
1.
Qualifying intellectual property registration costs as defined in section 14A
Section 14A(1B)
Section 14A(1BA)
2.
Qualifying expenditure as defined in section 14DA
Section 14DA(2)
Section 14DA(2)
3.
Qualifying training expenditure as defined in section 14R
Section 14R(2)
Section 14R(2A)
4.
Qualifying design expenditure as defined in section 14S
Section 14S(2)
Section 14S(2AA)
5.
Expenditure on the leasing of any PIC automation equipment, or procuring of cloud computing services as defined in section 14T
Section 14T(2)
Section 14T(2A)
6.
Expenditure on the licensing from another of any qualifying intellectual property rights as defined in section 14W
Section 14W(1)
Section 14W(4)
7.
Capital expenditure on the provision of any PIC automation equipment
(including any capital expenditure treated as capital expenditure incurred on the provision of PIC automation equipment under section 19A(16A))
Section 19A(2B)
Section 19A(2BAA)
8.
Capital expenditure on acquiring any intellectual property rights
Section 19B(1B)
Section 19B(1BAA)
(2) The application under subsection (1)(c) —
(a)
shall be made to the Comptroller at the time of lodgment by the qualifying person of the return of income for that year of assessment or within such extended time as the Comptroller may allow; and
(b)
shall be accompanied by such information and supporting document, given in such form and manner, as the Comptroller may specify.
(3) The Minister may make regulations —
(a)
to define a qualifying person for each year of assessment for the purposes of subsection (1);
(b)
to provide for the computation of the amount of the enhanced deduction or allowance under that subsection; and
(c)
to make provisions generally for giving effect to or for carrying out the purposes of this section.
(4) All regulations made under subsection (3) shall be presented to Parliament as soon as possible after publication in the Gazette.
(5) To avoid doubt, an enhanced deduction or allowance referred to in subsection (1) is a deduction or allowance under the applicable provision under the second or third column of the table in that subsection, and the provisions of section 14A, 14DA, 14R, 14S, 14T, 14W, 19A or 19B (whichever is applicable) shall apply to the deduction or allowance.
(6) In this section, “person” means a company or firm (including a partnership).