The Inland Revenue Authority of Singapore has published updated guidance on Business Expenses, which covers the expenses that are deductible and those that are not. Updates are made to the examples of deductible and non-deductible business expenses, including the addition of the following as deductible:
- Compensation/damages (revenue in nature);
- Contributions to mandatory overseas pension or provident fund;
- License/software renewal costs;
- Losses through theft or burglary in business premises…