“research and development” means any systematic, investigative and experimental study that involves—

(a) novelty or technical risk;

(b) the field of science or technology;

(c) the object of acquiring new knowledge; or

(d) the result of the study for the purpose of development of production or materials, equipment, products, agricultural products or process; but the research and development shall not include the study conducted for following purposes, namely:—

(i) quality control or routine testing of materials, equipment or products;

(ii) research in the field of social science including the arts and humanities;

(iii) the creation or development of financial instruments or financial products;

(iv) market research or sales promotion, routine data collection, efficiency surveys or management studies;

(v) routine modifications or changes to materials, equipment, products, processes or production methods;

(vi) cosmetic modifications or stylistic changes to materials, equipment, products, processes or production methods; or

(vii) the creation or enhancement of trademarks or goodwill;