IRAS Updates Guidance on Enterprise Innovation Scheme to Include AI Activities

The Inland Revenue Authority of Singapore (IRAS) has published e-Tax Guide on the Enterprise Innovation Scheme (Third Edition). The Enterprise Innovation Scheme (EIS) was first introduced as part of the 2023 Budget for Year of Assessment (YA) 2024 to YA 2028 to encourage businesses to engage in R&D, innovation, and capability development activities. Under the EIS, existing tax deductions/ allowances for R&D, Intellectual Property (IP) registration, IP rights acquisition and licensing…