Singapore Tax Agency Updates e-Tax Guide on Pioneer Incentive

The Singaporean Inland Revenue Authority Dec. 12 updated an e-tax guide on the “pioneer incentive program” for approved entities, including income and losses from separate activities. An approved pioneer company is entitled to specific income tax incentives for certain activities up to 15 years. The updated guide: 1) defines statutory income as profits after tax adjustments, unabsorbed capital allowances, and deducted capital allowances; 2) clarifies that the statutory income of activities is deemed to 5 percent of a company’s gross revenue from assessment year 2020; and 3) streamlines waiver processes for certain program conditions at the comptroller’s discretion. [Singapore, Inland ...