EY calls for tax credits to keep R&D in Singapore

Singapore

INNOVATION and jobs are some key areas that the upcoming Budget can address, according to a new wish list from professional services firm Ernst & Young Solutions (EY) that echoes earlier calls from the industry.

But, after suggestions by rivals PwC and Deloitte for measures such as tax deduction for companies' research and development (R&D) overseas, EY said instead on Thursday that "it is important that companies are encouraged to continue to carry out R&D activities in Singapore".

To that end, it recommended non-taxable credits for R&D spending on research that is done in the Repu…