Companies making sizeable investments that bring high-value and substantive economic activities to Singapore in key economic sectors and new growth areas may apply for up to 50% investment credit on qualifying expenditure incurred during a qualifying period of up to ten years.

The investment credit is to be offset against the company’s income tax payable, and any unutilised credits will be refunded to the company in cash within four years from when the company meets the conditions for receiving the credits.

The scheme is intended to be consistent with the Global Anti-Base Erosion (GloBE) Rules for Qualified Refundable Tax Credits.