Singapore Publishes Updated e-Tax Guide on Deduction of Expenses Incurred Before Generating Revenue

The Inland Revenue Authority of Singapore (IRAS) has published an updated e-Tax Guide Income Tax: Deduction for Expenses Incurred Before First Dollar of Income is Earned (Third Edition). The e-tax guide explains the concession for enterprise development, which was first implemented in 2003. The concession was enhanced in Budget 2011 and has been legislated under section 14R of the Income Tax Act 1947 (2020 Revised Edition) (ITA). Section 14R allows a tax deduction on certain expenses incurre…