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Singapore gives tax breaks to innovators

The Singapore government has begun giving tax breaks to businesses that use design innovation approaches.

Known as the Productivity and Innovation Credit for Investments in Design, the scheme is part of the Productivity and Innovation Credit which is an element of the Singapore government’s broad range of investments into innovation.

Innovation has become the new craze in the East with countries like India and Japan competing for prominence as the rising stars on the international stage.

Singapore companies could enjoy a tax break of up to 250% of their total income, capped at S$300,000 (almost £150,000) per year.

To qualify for the scheme, administered by the Design Singapore Council, the company has to be focusing on a project which relates to product and industrial activities and must result in a final physical design.

The government hopes that the scheme will promote the creation of new intellectual property, which will be registered at the Intellectual Property Office of Singapore.

The chosen projects have to be carried out and completed in Singapore within a two-year period.

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