Income Tax (Productivity and Innovation Credit Plus Scheme) Regulations 2015 comes into operation on 16 January 2015 [S14/2015]

On By taxsgIn e-Gazette

21 January 2015

The Income Tax (Productivity and Innovation Credit Plus Scheme) Regulations were published in the Government Gazette, Electronic Edition on 16 January 2015.

The Regulations cover the following:

PART 1

PRELIMINARY

  1. Citation, commencement and application
  2. Meaning of “qualifying persons” and “qualifying conditions”
  3. Meaning of “PIC provisions”, “affected amounts”, “subsection (2) amounts” and “qualifying expenditure”

PART 2

QUALIFYING PERSONS FOR YEAR OF ASSESSMENT 2015

  1. Computation of enhanced deduction or allowance
  2. Modification of manner of computing deduction under section 14DA of Act

PART 3

QUALIFYING PERSONS FOR YEARS OF ASSESSMENT 2016, 2017 AND 2018

  1. Computation of enhanced deduction or allowance for qualifying persons for YA2016, YA2017 and YA2018, who meet qualifying conditions in YA2015 or YA2016
  2. Modification of manner of computing deduction under section 14DA of Act for qualifying persons referred to in regulation 6
  3. Computation of enhanced deduction or allowance for qualifying persons for YA2017 and YA2018, who do not meet qualifying conditions in YA2015 and YA2016.
  4. Modification of manner of computing deduction under section 14DA of Act for qualifying persons referred to in regulation 8
  5. Computation of enhanced deduction or allowance for qualifying persons for YA2018, who do not meet qualifying conditions in YA2015, YA2016 and YA2017
  6. Modification of manner of computing deduction under section 14DA of Act for qualifying persons referred to in regulation 10.

These Regulations have effect for the years of assessment 2015, 2016, 2017 and 2018.

Source: Government Gazette