21 August 2014

Published on 18 August 2014, the e-Tax Guide provides the scope of tax deduction for borrowing costs (other than interest expenses) which are incurred as a substitute for interest expense or to reduce interest costs and details of such borrowing costs that will be granted tax deduction.

In the second edition, the e-Tax Guide is updated to expand the list of deductible borrowing costs to allow deduction of amendment fees, front-end fees and back-end fees as qualifying borrowing costs with effect from the YA 2014.

The first edition was published on 21 June 2007.

For full details, please refer the e-Tax Guide on the IRAS website.

Source: This article was extracted from the Inland Revenue Authority of Singapore’s (IRAS) website. Visit http://www.iras.gov.sg/ for more information.