“Attention Business Owners, do you know that Web Development is claimable under the Productivity and Innovation Credit Scheme in Singapore?”
Take Advantage Now
Take advantage of the Productivity and Innovation Credit (PIC IRAS) in Singapore today!
For example, if you invest $10,000 in Productivity and Innovation activities, you can claim 60% of it in cash payout ($6,000).
Your total cash payout is $6,000, a total of which is 60% of your investment.
Improve your business today by developing a professional corporate with functions such as appointment scheduling capabilities to improve your productivity or ecommerce website.
The 60% PIC Cash payout is extended for 3 more years till YA 2018.
Get your new website or revamp your existing site today, contact us now!
Click here and view point 25 for verification that website development is claimable under PIC.
Terms and Conditions of Eligibility for PIC Grant
The PIC Grant is definitely one of the best ways to maximize savings on these quality services for your business. The best part is that it truly does not take much to be able to qualify to receive it because many more businesses (sole-proprietorships, partnerships and companies) currently qualify for the PIC bonus than quite a few professionals think.
There are several key requirements that must be in place in order for a business to be eligible to receive the PIC Grant.
- The company has to have incurred a bare minimum of $5,000 in expenses that qualify for the PIC program throughout the extended base period that will be in place for the YA for the PIC Grant to be claimed. (Subject to changes from IRAS)
- The business has to have active business operations within the country of Singapore. These actions have to be verified and documented as evidential proof of these operations. Simply having a business that is registered in Singapore is not enough; you have to have verifiable proof that you are currently conducting operations within this country.
- Another requirement is that the business has to have a minimum of three employees locally. This basically means that he has to be a Singapore citizen or at least a permanent citizen within this country that has CPF contributions. Keep in mind that the three local employees cannot include any sole proprietors or partners that are currently bound to an active service contract. This number also cannot include any shareholders that also work for the company as directors.
If a company regularly contributes CPF within the payroll of a minimum of three local employees, they are considered to officially have met this particular condition if they have met the following circumstances and conditions:
- If over 400 percent of tax deductions and/or allowances for qualifying PIC expenditures is being claimed – within the final month of the official basis period that was used for the YA to which the deductions and/or allowances are connected.
- If a PIC cash payout on any qualifying PIC expenditures is being claimed – at any time during the final month of the quarter or even the combined consecutive quarters that are directly connected to the actual cash payout option.
Keep in mind that the standard PIC qualifying expenditure refers specifically to the amount net of subsidy or grant that is enforced by any statutory brand as well as the government. These requirements have to be followed specifically as outlined in these conditions.
Looking for a PIC Grant Specialist?
If you need a PIC grant specialist on other areas for your business, I will be happy to refer you to our partner.
The government is budgeting up to S$60,000 of cash payout per year of assessment (specifically YA 2013 – YA 2015, for financial year ending 2012 to financial year ending 2014). This has been extended till YA 2018.
There are many other grants available as well.
Fill up the form here and our partner will send you further FREE information on the PIC and other forms of government funding!