Skip to main content

Government officials will never ask you to transfer money or disclose bank log-in details over a phone call.

Call the 24/7 ScamShield Helpline at 1799 if you are unsure if something is a scam.

Ministry of Finance (MOF)
  1. Home
  2. News & Resources
  3. Newsroom
  4. Basis for Disallowing Expenditure on Antiques and Fine Art under Section 14N Deduction Regime of Income Tax Act
Parliamentary Replies

Basis for Disallowing Expenditure on Antiques and Fine Art under Section 14N Deduction Regime of Income Tax Act

Topics

Tax-Related (Corporate Tax)

Tax-Related (Income Tax)

Tax-Related (Others)

6 March 2025

This article has been migrated from an earlier version of the site and may display formatting inconsistencies.

Parliamentary Question by Ms Usha Chandradas:

To ask the Prime Minister and Minister for Finance what is the Ministry’s basis for disallowing expenditure on antiques and fine art under the section 14N deduction regime of the Income Tax Act.

Parliamentary Reply by Second Minister for Finance, Mr Chee Hong Tat:

The section 14N tax deduction is intended to help businesses, especially small and medium enterprises in service industries, reduce business costs when they refresh or upgrade their premises to improve their service offerings for their customers.

It allows businesses to claim deductions on expenses incurred for qualifying renovation and refurbishment works. We have disallowed expenses relating to antiques and fine art as they are commonly acquired for investment rather than for the intended purpose of section 14N. 

Where antiques and fine art constitute a plant for a business in carrying out its trade or business operations, the expenditure will qualify for capital allowance.

Back to top