Reference no: EM131160654
Spring Sys Pte Ltd is in the semiconductor business and was incorporated on 1 January 2010. The company's financial year end is 31 December. During the year ended 31 December 2014, the company purchased industrial land and started to construct its own industrial building for the manufacturing of semiconductor products. Spring Sys Pte Ltd has also obtained approval from the EDB that the industrial building shall qualify for the LIA incentive.
$
Cost of land 1,200,000
Legal fees - land title 8,000
Quantity surveyor 25,000
Building plan - BCA 12,000
Installation of plumbing system 23,000
Progress payment 589,000
Interest - Building 33,000
Machinery 67,000
Installation costs on equipment 4,500
Freight & exchange loss on equipment 13,500
Equipment - repairs & maintenance 4,800
The construction work for the industrial building was completed on 31 December 2014 and the completed building or structure meets the relevant GPR benchmark. The surveyor has estimated that 12% of the building is used for the administration department.
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