The Inland Revenue Authority of Singapore (IRAS) has updated its guidance on the Refundable Investment Credit (RIC). As previously reported, the RIC supports up to 50% of qualifying expenditures for qualifying activities on an approval basis. Companies awarded the RIC will receive tax credits to support their local expenditure in areas such as capital investments, R&D, manpower, and freight and logistics, when they make new investments in high-value and substantive economic activities. T…