Refundable Investment Credit (RIC)

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Programme:Refundable Investment Credit (RIC)

Awards:10%, 30% or 50% refundable tax credit on qualifying expenditures; unutilised credits refundable in cash by 4 years from claim application.

Beneficiaries:allcompanies

Key Features:Incentive to anchor significant new or expanded investments in Singapore across manufacturing, services, trading and growth areas, with support pegged to project profile.

KEY INFORMATION

Grant Provider
Singapore Economic Development Board (EDB).

Max Amount / Support Rate
10%, 30% or 50% of qualifying expenditures.

Project Duration
Qualifying Period up to 10 years per award.

REQUIREMENTS

Applicant is a Singapore-incorporated company or Singapore-registered branch of a foreign company.
Project involves significant new investments in priority growth areas and activities carried out in Singapore.
Minimum thresholds by profile: at least $3m and 8 employees for 10%, $5m and 10 employees for 30%, $7m and 18 employees for 50%.
Meet milestone conditions on implementation, Investments and Employment, with annual audited progress updates to EDB.
Submit audited claims for qualifying expenditures in EDB’s prescribed format.

SUPPORTED PROJECTS

Investing in new productive capacity.
Expanding or establishing digital services, professional services and supply chain management.
Expanding or establishing headquarters activities or centres of excellence.
Carrying out R&D and innovation activities.
Implementing solutions with decarbonisation objectives, and activities by commodity trading firms.

SUPPORT RATE

Support Rate → 10%, 30% or 50%.

Qualifying Expenditure Details

Singapore-incurred costs for qualifying activities, including manpower and capital expenditure
Excludes depreciation, amortisation, maintenance, staff not based in Singapore, and expenses incurred outside Singapore.

EXPECTED OUTCOME

New or expanded capabilities and capacity in high value-added activities.
Deepening of value creation capabilities, including centres of excellence, R&D, innovation and IP generation.
Advancements in sustainability and decarbonisation.
Strengthening Singapore’s position in sectoral leadership and global or regional value chains.
Spillovers to the local ecosystem through partnerships and multiplier effects.

OTHER IMPORTANT INFORMATION

Credits offset Corporate Income Tax, including Domestic Top-up Tax and Multinational Enterprise Top-up Tax; group entities may be nominated to use RIC.
Unutilised RIC refunded in cash by 4 years from claim application; companies may alternatively elect to receive RIC as cash payout.
RICs are applied on a first in first out basis against taxes.

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