Latest Updates

New content on deductibility of cash top-ups made by employers to employees’ CPF MediSave Accounts, on the employees’ behalf.

New content on deductibility of cash top-ups made by employers to employees’ CPF MediSave Accounts, on the employees’ behalf.

The e-Tax Guide has been updated with the following changes:

• The e-Tax Guide has been renamed from “Income Tax: Concession for Enterprise Development – Deduction of Certain Expenses Incurred Before Business Revenue is Earned” to “Income Tax: Deduction for Expenses Incurred Before First Dollar of Income is Earned” as the concession has been legislated under section 14R of the ITA.
• The provisions have been updated to make reference to the renumbered provisions in the Income Tax Act 1947 (2020 Revised Edition).
• The examples in the Annex have been updated to more recent dates, where applicable.

The e-Tax Guide has been updated with the following changes:

• Updated the tax change announced in Budget 2021 (i.e. allow a taxpayer the option to claim qualifying R&R costs incurred in the basis period for YA 2022 in one year instead of over three years) by:
  1. updating paragraphs 2.3 and 4.2 
  2. updating paragraph 9.1
  3. updating example 3 in Question 3 in Frequently Asked Questions of the Annex 
• Updated example 3 in Question 3 in Frequently Asked Questions of the Annex to provide clarity on how the three-year relevant periods in the example are arrived at. 
• Updated the section numbers based on Income Tax Act 1947 (2020 Revised Edition)