IRAS Updates e-Tax Guide on Renovation and Refurbishment Works
On February 27, 2018 March 2, 2018 By taxsgIn Corporate Tax
The Inland Revenue Authority of Singapore has updated its e-Tax Guide on tax deductions for expenses incurred on Renovation or Refurbishment (R&R) works done to business premises, with the inclusion of four (4) additional qualifying items:
Hacking works on premises
Water meter installed to enable renovation works
Hoarding works
Insurance for renovation works qualifying for Section 14Q deduction*
*Section 14Q was introduced into the Income Tax Act to assist especially small and medium enterprises reduce business costs by allowing tax deductions for qualifying R&R costs incurred that may otherwise be non-deductible.
IRAS also clarified that expenditure incurred by "any works carried out to a place of residence provided to or to be provided to employees", is not eligible for Section 14Q deduction claims.
For further details, please refer to IRAS' e-Tax Guide.
Source: Inland Revenue Authority of Singapore
Simplified Statement of Claims Form for Qualifying Funds with Effect from 1 July 2018
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