Advertisements

PIC grants

(01-07-17)

PIC Grant is going to expire after this year 2017 so make use of it. For those who have already cross the financial year tough luck for those financial year is end at December 2017 still have chance to make use of the  grant. Most of the info might be outdated also. Actual link is here

https://www.iras.gov.sg/irashome/Schemes/Businesses/Productivity-and-Innovation-Credit-Scheme/

This page tells you how your business in Singapore can enjoy 400% tax deductions/ allowances and/or 60% cash payout for investment in innovation and productivity improvements under the Productivity and Innovation Credit (PIC) scheme.  The tax benefits under PIC are available from Years of Assessment (YAs) 2011 to 2018, for investment in any of the six qualifying activities.

From YAs 2013 to 2015, your business can also enjoy a PIC Bonus, a dollar-for-dollar matching cash bonus given on top of the existing 400% tax deductions/ allowances and/or 60% cash payout.

Find out more about the PIC scheme in the table below:

What Qualifies for PIC How PIC Benefits You  How to Claim
Invest in Six PIC Qualifying Activities
  • Claim in Income Tax Return
  • Submit PIC Cash Payout Application Form and Hire Purchase-Template* to IRAS* Applicable if you are claiming cash payout on PIC IT and Automation Equipment acquired under a hire-purchase agreement entered into during the basis period for Years of Assessment 2013 to 2015
  • No Separate Application Required. Claim together in the Income Tax Return or PIC Cash Payout Application

 

Most Commonly Claimed Activity What Equipment Qualifies How to Apply
IT and Automation Equipment
  • No approval is required

Things to Look Out for If Engaging Consultants to File PIC Claims

The application process for PIC is simple and straightforward. To guide businesses in filing PIC claims, IRAS has published on its website a list of common mistakes to avoid when claiming PIC. Most businesses file their PIC claims themselves, but there may be businesses that prefer to engage PIC Consultants to assist them in claiming PIC benefits. Find out what you need to look out for if engaging consultants to file PIC claims.

Advertisements
No comments yet.

Leave a Reply