Annex A Examples of qualifying statutory and regulatory expenses under Section 14X Purpose for expense was Examples incurred (Non-exhaustive) for the purpose of compliance by Expenses incurred to comply with: the taxpayer with any written law the Income Tax Act, such as preparation of of Singapore or another country income tax computation, replying to queries raised by Comptroller of Income Tax, lodging objection to Notices of Assessment. the Companies Act, such as audit fees. Expenses incurred to rectify non-compliance with such requirement. for the purpose of compliance by Expenses incurred to comply with the taxpayer with any code, codes and directives issued by the standard, rule, requirement or other Monetary Authority of Singapore, Accounting document issued by the Standards Council and their foreign Government or a public authority equivalents. established by or under any public Act, or by the or a Annual listing fees and other expenses to public authority of another country, comply with the Singapore Exchange Listing or by a securities exchange Manual Expenses incurred to rectify compliance with such requirement. to the impact of any proposed Expenses incurred to study the impact of law referred to in (a) that has yet to implementing proposed statutory requirements be enacted or proposed document that has yet to be enacted, such as when the referred to in (b) that has yet to be Foreign Account Tax Compliance Act issued (FATCA) was first proposed by the US government. to prevent or detect any Expenses incurred to enhance internal controls with any law referred for prevention and detection of to in (a) or document referred to in with statutory requirements under (b) IRAS’ Assisted Compliance Assurance program for Goods and Services Tax (GST ACAP). to voluntarily comply with a Audit fees incurred by a company that is requirement of any law referred to eligible for audit exemption under the in (a) or document referred to in Companies Act. (b), even though the taxpayer is
Annex A Examples of qualifying statutory and regulatory expenses under Section 14X Purpose for expense was incurred Examples (Non-exhaustive) for the purpose of compliance by the taxpayer with any written law of Singapore or another country Expenses incurred to comply with: the Income Tax Act, such as preparation of income tax computation, replying to queries raised by Comptroller of Income Tax, lodging objection to Notices of Assessment. the Companies Act, such as audit fees. Expenses incurred to rectify non-compliance with such requirement. for the purpose of compliance by the taxpayer with any code, standard, rule, requirement or other document issued by the Government or a public authority established by or under any public Act, or by the or a public authority of another country, or by a securities exchange Expenses incurred to comply with codes and directives issued by the Monetary Authority of Singapore, Accounting Standards Council and their foreign equivalents. Annual listing fees and other expenses to comply with the Singapore Exchange Listing Manual Expenses incurred to rectify compliance with such requirement. to the impact of any proposed law referred to in (a) that has yet to be enacted or proposed document referred to in (b) that has yet to be issued Expenses incurred to study the impact of implementing proposed statutory requirements that has yet to be enacted, such as when the Foreign Account Tax Compliance Act (FATCA) was first proposed by the US government. to prevent or detect any with any law referred to in (a) or document referred to in (b) Expenses incurred to enhance internal controls for prevention and detection of with statutory requirements under IRAS’ Assisted Compliance Assurance program for Goods and Services Tax (GST ACAP). to voluntarily comply with a requirement of any law referred to in (a) or document referred to in (b), even though the taxpayer is Audit fees incurred by a company that is eligible for audit exemption under the Companies Act.
2014_ITA_BudgetNonChanges.docx