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ALLOWANCES
There are different types of allowances given by Inland Revenue Authority of Singapore (IRAS). They are:
- – Land Intensification Allowance (LIA) – Companies that qualify for LIA can claim qualifying capital expenditure incurred on the construction of a qualifying building or structure.
- – Writing-Down Allowances for Intellectual Property Rights (IPRs) – To enhance Singapore’s attractiveness as a location for businesses to hold and commercialise IPRs, writing-down allowances are granted on capital expenditure incurred in acquiring IPRs under Section 19B of the Income Tax Act.
- -Merges and Acquisitions Allowance – Companies may claim a percentage of the value of the acquisition or merger up to a maximum cap.
- – Capital Allowances – deductions claimable for the wear and tear of qualifying fixed assets such as industrial machinery, office equipment and sign boards. Capital allowances are generally granted in place of depreciation, which is not deductible.
