{"id":2176,"date":"2023-03-09T03:47:56","date_gmt":"2023-03-08T19:47:56","guid":{"rendered":"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/?p=2176"},"modified":"2023-05-03T12:03:08","modified_gmt":"2023-05-03T04:03:08","slug":"budget-2023-measures-to-support-businesses","status":"publish","type":"post","link":"http:\/\/webpreview.sg\/mms\/budget-2023-measures-to-support-businesses\/","title":{"rendered":"Budget 2023 measures to support businesses"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2176\" class=\"elementor elementor-2176\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-14ea1614 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"14ea1614\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-280712e8\" data-id=\"280712e8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-10583e9 elementor-widget elementor-widget-text-editor\" data-id=\"10583e9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>During the Budget Statement 2023, DPM Lawrence Wong announced a slew of tax measures to encourage businesses to invest in R&amp;D, innovation and capability development. We bring you some of the highlights below.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fb6d133 elementor-widget elementor-widget-heading\" data-id=\"fb6d133\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Enterprise Innovation Scheme (EIS)<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-44bd12e elementor-widget elementor-widget-text-editor\" data-id=\"44bd12e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>From Year of Assessment (YA) 2024 to 2028, businesses that conduct qualifying R&amp;D projects in Singapore, register their intellectual property (IP), acquire IP or incur training expenditure under the SkillsFuture framework will enjoy enhanced tax deductions. In addition, those that partner with local tertiary institutions for innovation projects will also enjoy similar benefits. The changes to the tax benefits are detailed in the table below.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6b2a7d9 elementor-widget elementor-widget-image\" data-id=\"6b2a7d9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"841\" height=\"685\" src=\"http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2023\/03\/Table-1-copy-2-1.png\" class=\"attachment-full size-full wp-image-2192\" alt=\"\" srcset=\"http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2023\/03\/Table-1-copy-2-1.png 841w, http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2023\/03\/Table-1-copy-2-1-300x244.png 300w, http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2023\/03\/Table-1-copy-2-1-768x626.png 768w\" sizes=\"(max-width: 841px) 100vw, 841px\" style=\"width:100%;height:81.45%;max-width:841px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d9f6c7d elementor-widget elementor-widget-text-editor\" data-id=\"d9f6c7d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Instead of tax deductions, eligible businesses can opt for a non-taxable cash payout (capped at $20,000) on up to $100,000 of total qualifying expenditure across all qualifying activities described above.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ed3bd57 elementor-widget elementor-widget-heading\" data-id=\"ed3bd57\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Accelerate capital allowances and expenditure<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a570534 elementor-widget elementor-widget-text-editor\" data-id=\"a570534\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>To support businesses, IRAS will provide an option to allow companies to accelerate capital allowances claims in YA2024 (ie. Financial year ending in 2023) on plant and machinery over 2 years (instead of 3 years\/useful life). Similarly, Renovation and Refurbishment (R&amp;R) expenditure incurred in YA2024 can be deducted over 1 year (instead of 3 years).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f4a2af elementor-widget elementor-widget-heading\" data-id=\"2f4a2af\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Financial Sector Incentive (FSI) Scheme<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b0b874b elementor-widget elementor-widget-text-editor\" data-id=\"b0b874b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The financial services sector will get refinements to the FSI scheme. The Monetary Authority of Singapore will release more details in due time.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b53f600 elementor-widget elementor-widget-heading\" data-id=\"b53f600\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Extension of other allowance and incentive schemes<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2baf9d4 elementor-widget elementor-widget-text-editor\" data-id=\"2baf9d4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>To continue to encourage growth and development in the businesses in Singapore, various schemes which were set to lapse in 2023, would be extended up to 2028. The extensions are applicable to schemes which includes:<\/p><ul><li>Pioneer Certificate Incentive (PC)<\/li><li>Development and Expansion Incentive (DEI)<\/li><li>Investment Allowance (IA) Schemes<\/li><li>IP Development Incentive (IDI)<\/li><\/ul><p>Changes in the business environment occur from time to time, depending on the policies and direction that the local government adopts. When it feels like a challenge to keep track of these changes, do approach your professional service providers on <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/taxation-services\/corporate-income-tax-services\/\">corporate tax <\/a>and<a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/accounting-services\/accounting-bookkeeping-services\/\"> accounting services in Singapore<\/a> for further information on these schemes. Your accountants would love to be of assistance to you. Additionally, professional companies that provide <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/payroll-hr-services\/outsourced-hr-and-payroll-services\/\">HR and payroll services<\/a> will also be able to advise you on the qualifying staff costs for the schemes above.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2ede61d elementor-widget elementor-widget-spacer\" data-id=\"2ede61d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7a9ee7e3 elementor-widget elementor-widget-html\" data-id=\"7a9ee7e3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"text-center tab-contact-btn\"> <a class=\"default-btn red\" href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/contact-us\/\">Get In Touch<\/a><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>During the Budget Statement 2023..<\/p>\n","protected":false},"author":10,"featured_media":2177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-2176","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-business-updates-in-singapore","entry"],"acf":[],"_links":{"self":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts\/2176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/comments?post=2176"}],"version-history":[{"count":0,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts\/2176\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media\/2177"}],"wp:attachment":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media?parent=2176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/categories?post=2176"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/tags?post=2176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}