PIC Claims are currently at 40% as of 1st August 2016
Productivity & Innovative Credit
So what is this PIC Claim & Bonus all about ?
The PIC scheme supports investments in Innovation and Productivity. Businesses can enjoy huge tax savings in the form of Cash Payout and/or Tax Deduction when they invest in any of these six productivity improvement activities. Many business owners want to learn about how they can grow their business in Singapore today. This country is a perfect place for most people to develop their companies. Singapore is very well-known for its business industry because this country is supported by its government. There are some available grants that can be found in this country, for example Productivity and Innovation Credit grant. This grant is offered by the Inland Revenue of Singapore (IRAS). It is specially created for all innovators who want to enhance the Singapore’s economy and business growth. Here are some important details that you need to know about this grant.
So who can apply ? And apply under what circumstances?
You should understand that there are some people who are eligible for this grant. All types of businesses are eligible for this grant. However, they need to have any incurred expenses that are included in these 6 qualifying activities, including
1) Training of employees in many different fields or departments
2) Purchasing or leasing of any automation equipment or information technology
3) Registration of the Intellectual Property Rights that are related with their own products or services
4) Registration of designs, patents, trademarks, plant varieties, and many other important brand registration activities
5) Any project designs that are approved by the Singapore Council
6) All types of developing and researching activities
What are the requirements?
If you want to get cash payout from your PIC grant, you need to take a look at some additional requirements. It is important that you follow these requirements, so you can complete the cash payout application immediately. All businesses that are eligible for getting the cash payout option should be sole-proprietorships, partnerships, or companies. They should also meet some of these requirements.
– You should have an active business that is operating in Singapore. Your business should be active in the qualifying year of assessment, so you can apply for the cash payout application easily.
– Your business should also have some qualifying expenses that are permitted in the PIC grant scheme. It is important to check the list of eligible expenses, in order to make sure that all expenses can be included in the cash payout option. All expenses should be eligible in the main period of the right Year of Assessment.
– Your company should have at least 3 local employees that are Singapore citizens. You should understand that this rule is not applicable for shareholders, sole-proprietors, directors, and also partners. This rule is created to boost the economy and productivity of most Singapore citizens today.
Require More Info or Help? No Problem
It is very important for you to learn about PIC grant, so you can get all benefits from this option. It is important for you to meet IRAS consultants to discuss about your business needs. They are ready to provide free and close-up conversation for all customers who want to learn about this PIC scheme. You should be able to learn more about this grant scheme and all related benefits after having some consultation sessions with these consultants. You can also attend some training sessions that are held by IRAS for teaching all business owners about this scheme.
They are some important things that you have to know about PIC grant. You can also contact ICS, asking any subjects related with this grant. Our company has some professional consultants who are ready to help you learn about the productivity and innovation credit (PIC) grant. When you plan to apply for this grant, you need to have enough skills and knowledge about this subject.