Specific Industries

An investment holding company can claim deduction of expenses that are incurred to produce the investment income. The expenses may be incurred directly, indirectly, or in accordance with statutory and regulatory provisions.

Shipping income of a shipping enterprise is exempt from tax under Sections 13A and 13F of the Income Tax Act (ITA).

Expenses incurred by car tuition companies on cars used principally for instructional purposes are tax-deductible.

Generally, IRAS accepts the accounting recognition of income over time for income tax purposes as it is consistent with the tax rule of taxing income when it is accrued.

For tax purposes, the profits of a property development project are recognised when the project is substantially completed i.e. when the Temporary Occupation Permit (TOP) is issued.