2 June 2014
On 30 May 2014, the Inland Revenue Authority of Singapore (“IRAS”) updated its website content on “PIC IT and Automation Equipment List”.
Bi-directional Mass Flow Metering system (“MFM”) installed on bunker tankers and approved for use by the Maritime and Port Authority of Singapore (“MPA”) has been added to the list of information technology (“IT”) and automation equipment qualifying for enhanced deduction/allowances under the Productivity and Innovation Credit (“PIC”) scheme. With effect from year of assessment 2015, expenditure incurred on bi-directional MFM will qualify for PIC. However, it will not qualify for 100% accelerated write-off for capital allowances under sec 19A(2) of the Income Tax Act.
For the full list, please refer to the IRAS website.
Source: Inland Revenue Authority of Singapore