28 October 2015
From Year of Assessment (YA) 2013, IRAS will grant approval of IT and automation equipment on a case-by-case basis if all the following criteria are met:
- The equipment automates or mechanises the business’ work process(es); and
- The equipment enhances productivity of the business (e.g. reduced man-hours, more output or improved work processes)
In this update, the “basis tool” criteria has been removed for case-by-case approvals under the PIC scheme based on the Income Tax (PIC Automation Equipment) (Amendment) Rules 2015.
The update to the IRAS website was made on 16 October 2015.