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IRAS Notes Robust Anti-Gaming System to Address Fraud

25 January 2022

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Approved Changes

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Singapore

The Inland Revenue Authority of Singapore (IRAS) issued a release (forum reply) on its robust anti-gaming system to detect and prevent fraudulent claims under incentive schemes, including the Productivity and Innovation Credit (PIC) scheme in particular. The PIC scheme provides a 400% tax deduction/allowance for qualifying expenditure incurred up to year of assessment 2018. --- Robust Anti-Gaming System In Place We refer to Mr Ang Ah Lay's letter 'Iras should account for system's failure to detect cheating' published in ST Forum on 18 January 2022. Any scheme that supports a broad base of business needs to strike a judicious balance...