Highlights of Singapore Budget 2012
Singapore budget 2012 – Small and Medium Enterprise (SME) Cash Grant
A one-off non-taxable SME cash grant calculated at 5% of the company’s revenue for YA2012 will be granted to SMEs. The grant which will be capped at S$ 5,000 (US$ 3,980) can be availed by companies that have made Central Provident Fund (CPF) contributions for at least one employee during the relevant accounting period for YA 2012.
Singapore budget 2012 - Productivity Enhancement and Innovation Credit (PIC) Scheme
Cash Payout Rate - The cash payout rate will be upped from 30% to 60% for up to S$100,000 (US$ 79,540) of qualifying expenditure from YA2013 to YA2015. The cash payout can be claimed any time after the end of each financial quarter, but before the due date for the filing of its income tax return for that particular year.
Training - Expenditure incurred on the training of the company’s agents could qualify for PIC, subject to certain conditions.
Research & Development (R&D)
-R&D cost-sharing agreements- Expenses related to R&D cost-sharing agreements may be considered as R&D expenditure and benefit from PIC deduction. 60% of the shared costs will be deemed to be qualifying expenditure.
-Software development - Internal R&D software development can now qualify as R&D. The multiple sales requirement will be removed to facilitate R&D in software development which is not intended for sale. However, software development meant for regular administration of business will not be considered as R&D.
Investments in Automation Equipment - Investment in qualifying automation equipment will be eligible for the cash payout option, subject to certain conditions.
Singapore Budget 2012 - Renovation and Refurbishment (R&R) deduction scheme
In 2013, the expenditure limit for the R&R deduction will be doubled to S$300,000 (US$ 238,630) for each three-year period. The scheme helps the businesses to renew their premises regularly by getting the specified tax deduction.
Singapore Budget 2012 - Capital allowance claims for low-value assets simplifiedTo make the process of claiming capital allowances on certain low-value assets easier from YA2013, the full cost of each such asset in a year will be increased to no more than S$5,000 (US$ 3,980) from present S$ 1,000 (US$ 795).
Singapore Budget 2012 - Streamlining Non-taxation of companies’ gains on disposal of equity investments For shares disposed on or after 1 June 2012, gains derived from disposing equity investments by enterprises will not be taxed, provided:
the divesting company holds a minimum of 20% shareholding in the company whose shares are being disposed of; and
the divesting company maintains the minimum 20% shareholding for a minimum period of 24 months just prior to the disposal.
For share disposals in other circumstances, the tax treatment of the gains/ losses derived from share disposals will continue to be determined based on the facts and circumstances pertaining to each case.
Singapore Budget 2012 - The Integrated Investment Allowance (“IIA”) Scheme
* A new IIA scheme will be introduced to provide an additional allowance on fixed capital expenditure incurred for productive equipment used overseas for pre-approved projects effective 2013.
* The existing Integrated Industrial Capital Allowance incentive will be withdrawn on February 17, 2012.
Singapore Budget 2012 - Goods & Services Tax (GST)
Temporary import relief period for GST has been extended from 3 to 6 months effective April 1, 2012. All other existing terms and conditions of the scheme will remain unchanged.
Singapore Budget 2012 - Withholding Tax Payment
The tax payer will be granted an extra month to file and pay the tax. This change will be relevant for all payments made to non-residents on or after July 1, 2012.
About Nair & Co.
Nair & Co. provides you with your one touch outsourced finance, internal audit compliance, HR and legal department for your international operations. If you are expanding abroad for the first time, our turnkey solution will help you do so with minimal risk, stress and cost. We currently support more than 1000+ client operations in over 50 countries and have core offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP). Learn more at www.nair-co.com
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