Background
On 1 September 2025, the Singapore Ministry of Finance
officially gazetted the Income Tax (Refundable Investment Credits)
Regulations 2025 (RIC Regulations)1, a subsidiary
legislation which came into immediate effect and provides expanded
clarity on the implementation of the Refundable Investment Credit
(RIC) scheme.
The RIC Regulations build on the RIC framework introduced in
Section 93B of the Income Tax Act 19472. This framework
aligns Singapore's tax incentives with the OECD's Global
Anti-Base Erosion (GloBE) rules for Qualified Refundable Tax
Credits, ensuring ongoing international compliance while
incentivizing substantive economic activities.
The Economic Development Board (EDB) has also published a fact
sheet outlining eligibility and application processes for
businesses. The RIC scheme continues to operate on an approval
basis by EDB Singapore, granting credits based on qualifying
expenses incurred for eligible projects, with support
