Eeia
Tax Incentives Of Today
The tax incentives are currently contained mainly in two statutory codes of Singapore; the Economic Expansion Incentives (Relief from Income Tax) Act, Chapter 86 ("EEIA") and the Income Tax Act, chapter 134 ("ITA"). * EEIA
The EEIA was promulgated in 1967 to answer the need to provide the necessary impetus for economic growth and development. Throughout the years since its birth, the EEIA has gone through several transformations and additions. Presently, the incentives provided for in the EEIA are incentives in relation to: * pioneer industries * pioneer service companies * post-pioneer companies * expansion of established enterprises * production for export * export of services * international trade * foreign loans for productive equipment * royalties, fees and development contributions * investment allowances * warehousing & servicing industries * international consultancy services * investments in new technology companies * overseas investment and venture capital incentive * overseas enterprises
The list above illustrates the expansion of the tax incentive schemes in Singapore, capturing the movement away from manufacturing and industrial activities towards the provision of higher value-added services and development of technology in Singapore. One of the incentives which we will highlight here will hopefully throw some light on the general nature of these incentives.
International Consultancy Services
Companies and businesses (sole-proprietorship or partnership) eligible for this incentive would be those engaged in the provision of technical and consultancy services overseas. The incentive will be given in respect of approved overseas projects, and the types of consultancy services to be provided in relation to such projects should be in the nature of: * advisory services on technical, construction or engineering matters; * design and engineering; *
The tax incentives are currently contained mainly in two statutory codes of Singapore; the Economic Expansion Incentives (Relief from Income Tax) Act, Chapter 86 ("EEIA") and the Income Tax Act, chapter 134 ("ITA"). * EEIA
The EEIA was promulgated in 1967 to answer the need to provide the necessary impetus for economic growth and development. Throughout the years since its birth, the EEIA has gone through several transformations and additions. Presently, the incentives provided for in the EEIA are incentives in relation to: * pioneer industries * pioneer service companies * post-pioneer companies * expansion of established enterprises * production for export * export of services * international trade * foreign loans for productive equipment * royalties, fees and development contributions * investment allowances * warehousing & servicing industries * international consultancy services * investments in new technology companies * overseas investment and venture capital incentive * overseas enterprises
The list above illustrates the expansion of the tax incentive schemes in Singapore, capturing the movement away from manufacturing and industrial activities towards the provision of higher value-added services and development of technology in Singapore. One of the incentives which we will highlight here will hopefully throw some light on the general nature of these incentives.
International Consultancy Services
Companies and businesses (sole-proprietorship or partnership) eligible for this incentive would be those engaged in the provision of technical and consultancy services overseas. The incentive will be given in respect of approved overseas projects, and the types of consultancy services to be provided in relation to such projects should be in the nature of: * advisory services on technical, construction or engineering matters; * design and engineering; *