{"id":34,"date":"2015-04-17T04:59:20","date_gmt":"2015-04-17T04:59:20","guid":{"rendered":"http:\/\/smeaccounting.com.sg\/?page_id=34"},"modified":"2015-11-14T13:11:32","modified_gmt":"2015-11-14T13:11:32","slug":"pic-claim","status":"publish","type":"page","link":"http:\/\/smeaccounting.com.sg\/index.php\/pic-claim\/","title":{"rendered":"PIC CLAIM"},"content":{"rendered":"

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PIC Grants in Singapore<\/h2>\n

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The economy of a country is mostly determined by the innovation majorly in its business sector. The entrepreneurs who invest in the business sector are vital in increasing the country\u2019s economy. These investors need grants in some situations in order to boost their productivity level. Many grants are available and one of them is the Productivity and Innovation Credit grants, PIC grants. The government and other institutions like IRAS (Inland Revenue of Singapore), offer grants to innovators in order to enhance the economy of Singapore. Every innovator needs to understand the basic facts on PIC.<\/p>\n


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These include;<\/p>\n

1. What is PIC and who is eligible for it?
\nProductivity and Innovation Credit was initiated in Singapore in the 2010 Budget in order to offer considerable tax deductions for investments in a number of activities down the value chain of innovation. PIC grants are aimed at heartening small to standard enterprises to tap on the PIC schemes in order to invest in innovation as well as productivity.<\/p>\n

Basically, every business is eligible for the grant, however, they must have incurred expenses in whichever of the 6 qualifying activities which are;
\n\u2022 Training of employees in different fields
\n\u2022 Acquiring and Leasing of PIC Information Technology and Automation Equipment
\n\u2022 Attainment and In-licensing of Intellectual Property Rights
\n\u2022 Registering patents, designs, plant varieties and trademarks
\n\u2022 Designing of projects that have been approved by the Singapore Council, and
\n\u2022 Researching and developing activities.<\/p>\n

2. What different types of Business Options are available in Singapore?
\nThere are only 2 business options in Singapore as outlined below;
\n\u2022 400 % Tax Deduction
\n\u2022 Cash Payout Option<\/p>\n

3. The Qualifying Period
\nThe scheme is operational for a period of 5 years beginning YA 2011 to YA 2015, being extended to YA 2018 after the Budget announcement in Feb 2014. For instance, if a business has acquired qualifying expenditure in Nov 2014 and their accounting year ends on 31st December, 2014, then they qualify to claim PIC in their Income tax Return for the Year of Assessment, 2015.<\/p>\n

4. What are the conditions for cash Payout?
\nThe businesses that are eligible to request for the cash payout are partnerships, sole-proprietorships or companies that have;
\n\u2022 Business operations that are active in Singapore ( i.e. generated revenue)
\n\u2022 Earned qualifying expenses and are permitted to PIC in the main period for the qualifying Year of Assessment, and
\n\u2022 CPF contribution has been made for the last 3 months of the period that PIC claim has been made, for a minimum of 3 local employees of Singapore Citizenship or Singapore Permanent Residents, excluding Sole-proprietors, shareholders who are directors of that company and partners.<\/p>\n

CALL US FOR MORE DETAILS : +65 93822590<\/p>\n","protected":false},"excerpt":{"rendered":"

PIC Grants in Singapore The economy of a country is mostly determined by the innovation majorly in its business sector. The entrepreneurs who invest in the business sector are vital in increasing the country\u2019s economy. These investors need grants in some situations in order to boost their productivity level. Many grants are available and one […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":[],"_links":{"self":[{"href":"http:\/\/smeaccounting.com.sg\/index.php\/wp-json\/wp\/v2\/pages\/34"}],"collection":[{"href":"http:\/\/smeaccounting.com.sg\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"http:\/\/smeaccounting.com.sg\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"http:\/\/smeaccounting.com.sg\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/smeaccounting.com.sg\/index.php\/wp-json\/wp\/v2\/comments?post=34"}],"version-history":[{"count":6,"href":"http:\/\/smeaccounting.com.sg\/index.php\/wp-json\/wp\/v2\/pages\/34\/revisions"}],"predecessor-version":[{"id":417,"href":"http:\/\/smeaccounting.com.sg\/index.php\/wp-json\/wp\/v2\/pages\/34\/revisions\/417"}],"wp:attachment":[{"href":"http:\/\/smeaccounting.com.sg\/index.php\/wp-json\/wp\/v2\/media?parent=34"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}