Do you know that you can claim for any of the investment listed below under the Productivity And Innovation Credit (PIC) Scheme?
Web Design (Content Management System)
Customised Web Application Development
Mobile Application Development
So, this is the best time to kick- start and embark on your online marketing strategies if you have not done so.
What is the Productivity And Innovation Credit (PIC) Scheme?
The Singapore government introduced the PIC Scheme in 2010 budget aiming to improve the efficiency and productivity for local SME businesses.
Businesses eligible to apply for the cash pay-out have to meet the following criteria:
- Incurred qualifying expenses during the period for the YA, in which a PIC Bonus is claimed;
- Active business operations in Singapore (regardless sole-proprietorships, partnerships, companies); and
- Employment of minimum 3 local citizens or Singapore permanent residents, with contributions to CPF. This strictly excludes directors of the company, sole-proprietors, partners or shareholders.
PIC Scheme of 60% Cash Pay- out or 400% Tax Deduction
Local registered SME can benefit from the 60% cash pay- out plus/ or 400% tax deductions or allowances for investing in any of the six qualifying activities listed under the PIC scheme. The PIC is further extended from Years of Assessment 2013 to 2018.
You can claim up to $15,000 PIC Bonus (up to 2015) plus up to $60,000 PIC Cash Pay- out (up 2018)
For any further PIC Claim enquiries, please contact IRAS:
Visit IRAS website for more details: http://www.iras.gov.sg/irashome/picredit.aspx
Email queries to: email@example.com
Telephone (Mondays- Fridays, 8 am- 5 pm):
For Companies, please call 6356- 8622
For Partnership or self- employed, please call 6351- 3534