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The LIA supports enhanced land productivity among industrial users and can be claimed on qualifying capital expenditure incurred on the construction or renovation of a qualifying building or structure.
The Land Intensification Allowance (LIA) promotes the intensification of industrial land use towards more land-efficient and higher value-added activities across various sectors in Singapore.
Claiming capital allowances over a period of time is also known as 'writing off the asset'. Your company can claim capital allowances when the expense is incurred. An expense is incurred when the legal liability to pay arises, regardless of the date of actual payment of the money.
The Land Intensification Allowance (LIA) incentive was first introduced by the Minister for Finance during his Budget Statement in 2010 as a targeted scheme to promote the intensification of industrial land use towards more land-efficient and higher value-added activities. Enhancements to the LIA were also made in 2014 and 2016.
Intensification Allowance (LIA) incentive, a targeted scheme to promote the intensification of industrial land use towards more land-efficient and higher value-added activities. Enhancements to the LIA were also made in 2014, 2016 and 2017. 2. The LIA incentive is available to businesses in manufacturing and logistics sectors which
Can the LIA be apportioned and awarded to a company in the business of trading (SSIC:46900) which builds and apply LIA just for its new production facility? No, LIA is assessed and awarded on a per plot basis.
Land Intensification Allowance (LIA) Companies that qualify for LIA can claim qualifying capital expenditure incurred on the construction of a qualifying building or structure. Industrial Building Allowance (IBA) The IBA has been phased out.
Nov 14, 2023 · Taxpayers will claim the LIA when submitting their income tax returns to the Inland Revenue Authority of Singapore (IRAS) and are not required to submit any supporting documents. The application for building and construction companies can be located in the application form on the BCA website.
Jan 28, 2022 · Land Intensification Allowance is the official name, but you could simply call it “LIA”. This comprehensive guide goes beyond the basics to explain what LIA really entails, how to qualify for the tax benefits, how to work out the amounts you’re entitled to, as well as how to apply and claim the benefits. What is LIA?
Can I qualify for LIA? New ICPHs which have applications for planning permission made on or after 8 March 2017 can qualify. For existing ICPHs, the capital expenditure incurred for the extension/renovation works amounting to Addition & Alteration (A&A) works may qualify for LIA if:- i.
