On 27 June 2018, the Inland Revenue Authority of Singapore (IRAS) has published the e-Tax Guide – “Intellectual Property Rights Valuation Report for Purposes of Section 19B of the Income Tax Act” to provide guidance on when an independent valuation report on qualifying intellectual property rights should be submitted for the purposes of Section 19B of the Income Tax Act and the relevant information to be provided in the valuation report.
This e-Tax Guide is relevant to a company that has incurred capital expenditure in acquiring any qualifying IPR for use in its trade or business, and qualifies for writing-down allowances (“WDA”) on that capital expenditure and provides information for a company and valuer and explains IRAS’ expectations.
It is not intended to provide guidance on how IPRs are to be valued or guidance on valuation approaches and methods.
Source: IRAS, 1 July 2018