IRAS Releases New e-Tax Guide on IPRs Valuation Report with Regards to Section 19B of the Income Tax Act

On By taxsgIn Corporate Tax

3 July 2018

The Inland Revenue Authority of Singapore (IRAS) released an e-Tax Guide on 28 June 2018 providing directions on when an independent valuation report on qualifying intellectual property rights (“IPRs”) is required for submission for the purposes of Section 19B of the Income Tax Act, as well as the necessary information required to be present in the valuation report.

This guidance is useful for companies that have incurred capital expenditure in acquiring IPR for use in its trade or business that qualify for writing-down allowances (“WDA”).

The document outlines the following:

  1. Requirement for the submission of a valuation report
  2. Information to be disclosed in a valuation report
  3. Record-keeping period

For more information, refer to IRAS’ Website.

Source: Inland Revenue Authority of Singapore