Deductions for R&D under Sections 14D and 14DA(1) often present tax compliance challenges to in-house tax and finance teams. This is because the collection of R&D project data requires coordination with many functions across the company and this is a difficult process to manage.
For companies who have historically benefited from low concessionary tax rates, sunset dates may be fast approaching. As such it would be prudent for in-house tax personnel to ensure they are conversant on statutory R&D deductions and how to claim.
Many companies are restructuring due to the difficult global economic conditions brought on by the COVID-19 pandemic. If a company plans to undertake restructuring, it would be advisable to gather the requisite R&D documentation prior such restructuring so as to avoid losing information.
In this webinar, our highly experienced presenter will share practical tips, best practices and updates which are relevant to in-house tax and finance teams at companies performing R&D in Singapore and engaging in R&D cost sharing here.
A Highlight of Key Areas:
- What projects and activities qualify as R&D; key requirements and considerations
- What expenditure are eligible for claim under each section
- Requirement to deduct R&D expenditure under S.14D / S.14DA(1)
- Treatment of cost sharing and outsourced R&D
- Requirements in relation to IP and risk
- Software development and prototypes
- Technical issues to be aware of
- How to complete the R&D claim form
- Best practices for planning and undertaking the field work remotely
- Q&A (15mins)