The Inland Revenue Authority of Singapore (IRAS) published an e-Tax Guide on the Intellectual Property Rights (IPRs) Valuation Report. This Guide is aimed at coaching taxpayers when the taxpayers should submit an independent valuation report on qualifying IPRs for the purposes of Section 19B of the Income Tax Act (ITA).
Under Section 19B of ITA, a company may claim writing-down allowances (WDA) on the capital expenditure incurred on the acquisition of IPRs for use in its trade or business. The qualifying IPRs are:
Where the value of the capital expenditure exceeds certain thresholds as determined by the Comptroller, a company is required to submit an independent valuation report to the Comptroller. The valuation report should include the following information:
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