Singapore Gazettes Law Amending Income Tax Amalgamation of Companies Regulations

The Singaporean Official Gazette March 10 published Act No. 170 of 2022, amending the Income Tax Amalgamation of Companies Regulations 2011. The law includes measures: 1) amending provisions on the calculation of the amount of productivity and innovation credit (PIC) expenditures incurred by an amalgamated company for specific assessment years; 2) amending provisions on the applicability of the PIC concerning the amalgamating and amalgamated companies; 3) amending the definition and scope of PIC; 4) introducing provisions on deductions for overseas expenditures; 5) introducing provisions on the treatment of unabsorbed donations attributable to exempt income; 6) amending provisions on the calculation ...