Singapore Updates Guidance on Refundable Investment Credits

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…