PIC Scheme (Singapore)

[...] proprietor and you want to apply for the PIC grant for your business, then the easiest way to get started is to visit the official website of the [...]

[...] created to help all business owners invest in the productivity and innovation activities. The PIC grant allows you to claim the tax deduction, cash payout, and also some other PIC bonuses. You also [...]

[...] Many property agents want to claim for the PIC grant in Singapore. However, not all of them know how to do the right procedure for getting this PIC [...]

[...] There are many business owners who are interested with the PIC grant from the IRAS in Singapore. This grant is specially offered for all people who want to develop [...]

[...] the IRAS (Inland Authority of Singapore) PIC (Production and Innovation Credit) scheme. This PIC scheme can help you grow your moving business easily. Here are some reasons why you can maximize the [...]

[...] Thanks to the introduction of the PIC scheme, businesses have benefitted greatly and are now able to enjoy significant tax deductions. [...]

[...] The PIC scheme is a Government of Singapore run scheme that supports investments in Productivity and [...]

[...] The PIC Scheme was started way back in 2010 with the Singapore government initially allocating $480 million [...]

[...]  aims at encouraging SMEs to be more productive and innovative in their operations. Under the tax deduction option business can benefit from the 400% tax deduction on their expenditure as long as it [...]

[...] to maximize their profits and lower the costs of operation. Tax deductions The option of tax deduction is offered by the IRAS and allows business owners to enjoy a 400 % tax deduction on their [...]

[...] their business performance. There are two options that are offered by this scheme. They are tax deduction and cash payout. Both options are very beneficial for all business owners who want to do their [...]

[...] in every Year of Assessment (YAs). Every expenditure that is converted is not eligible for tax deduction. As a business owner, you need to comprehend that the cash payout system is not taxable. And [...]

[...] helping all business owners improve their business performance. This scheme allows you to get tax deductions or cash payouts for your business. These options are very useful to reduce your cost or [...]

[...] and Innovation Credit or commonly known as PIC that gives all the firms cash grants or tax deductions when they want to invest in the market with an intention of boost their capabilities in the [...]

[...] productivity and innovations. In return, these businesses benefit in three ways: up to 400% tax deductions, receive cash payouts and get PIC bonuses. Any business can receive these benefits if it [...]

[...] investments is awarded on a basis specified by the business (either 60% cash payout or 400% tax deductions). There is also an added bonus made in a dollar for dollar scheme where IRAS awards one $1 [...]

[...] development, employee training, design projects, intellectual property right registration, automation equipment when leasing as well as intellectual property right acquisition from the international [...]

[...] productivity improvement activities that are covered under the PIC scheme, including the automation equipment. If you are planning to claim the PIC grant for your office server, you should create a [...]

[...] can either claim up to 400% rebate in tax or 60% payout if they plan to invest in automation equipment and activities. Can cost of software be claimed under PIC scheme? A lot of prospective PIC [...]

[...] and this will be a blow to the business owner. Under the cash payouts only IT and automation equipment can attract payouts, therefore when filling the claim forms it is important to state all [...]

[...] . Myths about PIC grant for property agent in Singapore There are some myths surrounding the PIC grants for property agents in Singapore. These myths have made it impossible for property agents to go [...]

[...] (2013-2015). b. 3 Local Employees Requirement For a business to be deemed eligible to receive PIC grants, it must satisfy the minimum three local employees’ condition. This means that it should have [...]

[...] bonus will increase over $15,000 in 3 YA (Years of Assesments). How it Benefits Your Business PIC grants have many benefits that it offers to clients, and having them available, you need to understand [...]

[...] , at times productivity takes a while to be measurable. · The government through IRAS gives out PIC grants so as to ensure that both goods and services from Singapore are competitive enough in the [...]

[...] PIC benefits 1. Duplicating both claims for PIC benefits on the same expenditure under the 6 PIC Activities You can only transfer your qualifying expenses under one of the benefits against your [...]

[...] %. Ensure that you have sufficient records to substantiate any of your claims under the six PIC activities It is important for businesses to maintain their records at least for a period of five years [...]

[...] employees if the training program involved their development as well. c. Business Situated in Singapore IRAS is only under jurisdiction to award PIC benefits to businesses that have been and are still [...]