Budget 2024: New tax credit to support firms’ innovation and green transition – The Straits Times

February 21, 2024

Claire Huang and Osmond Chia

16 Feb

SINGAPORE – Amid the global race to attract quality investments, Singapore will introduce a new tax credit scheme that aims to support high-value and substantive economic activities.

The new refundable investment credit (RIC) scheme comes with a refundable cash feature.

Activities in support of the green transition and those to do with new innovation and research and development are some of the investments eligible for the scheme, as is the setting up or expansion of manufacturing facilities.

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