R & D Tax Incentive Singapore

R&D TAX SAVINGS

Companies that are developing new products or processes, or improving existing ones, are entitled to favorable tax treatment. Companies can get between 8.5% and 51% of their expenditure back as a reduction in their tax bill.

R&D CASH PAYOUT

Small companies that are developing new products or processes, or improving existing ones, and that are not tax-paying, can get a cash payout from the IRAS. The payout is 60% of their expenditure, capped at $60,000 per year.

What is the R & D Tax Incentive?

The R&D Tax Incentive is one of the government’s mechanisms to support companies to achieve greater competitiveness, drive innovation and enhance Singaporean capabilities. The Incentive’s eligibility criteria are intentionally broad, as the government wanted the incentive to be available to a wide range of industries and to companies of all sizes.

Whilst there are many companies that are making use of the Incentive, there are many companies that are unaware that the work that they are doing would actually qualify for this funding, and are therefore missing out on money that they are legitimately entitled to. The Incentive is unlike most grant programs, which are generally competitive in nature. As long as your company meets the eligibility criteria it automatically gets the funding.

The Incentive is administered by the IRAS. Companies need to understand the Incentive’s requirements, processes, deadlines and paperwork.

Our process is as follows:

  • Educate companies about how to access their full entitlement from the Incentive
  • Identify both the ‘obvious’ and the ‘non-obvious’ activities that qualify
  • Prepare all necessary documentation to maximize the chances of success
  • Analyse expenditure that qualifies for the Incentive to ensure approval by the IRAS
  • Navigating any interactions with the IRAS.

If you are developing new products or processes, or improving existing ones, the Catalyst Solutions offering helps to claim your full entitlement from the Incentive.

How Catalyst Solutions can help?

Catalyst Solutions is a specialist consultancy that offers a focused, efficient and value adding service offering. Our team has qualifications in science, IT, engineering, accounting and law, as well as experience in assisting companies across all industries to access the Incentive. We leverage off our multidisciplinary skill set to ensure that our clients maximize their legitimate entitlement to the government funding, whilst ensuring that the claim process minimizes disruption to their business.

Contact Catalyst Solutions

Dave Corbin is the Managing Director of Catalyst Solutions Asia Pacific. He is a Chartered Accountant and has a Bachelor of Science. Dave was previously a Senior Manager in the R&D Incentives team of one of the Big 4 accounting firms. He has assisted companies from all industries to access government funding for their R&D for over 8 years and across 3 continents.

Dave is always keen to discuss whether your company may be eligible for the Incentive and, if so, how the Catalyst Solutions team can work with you. Please contact him on +65 6323 5426 or at dave@catalystsolutions.com.sg.