Business owners, your businesses are eligible for Production and Innovation Credit (PIC) with the Inland Revenue Authority of Singapore (IRAS)!
From Years of Assessments 2011 to 2018, businesses that had invested in activities that are related to improving innovation are allowed to claim PIC.
According to IRAS, PIC covers 6 business qualifying activities:
- Research & development (R&D)
- Registration of intellectual property rights – such as patents, trademarks, designs and plant varieties
- Acquisition of intellectual property rights – for example, when a company buys a patent or copyright for use in its business
- Acquisition or leasing of prescribed automation equipment
- Training of employees
- Approved design projects
If you had incurred any costs in relation to any of these 6 activities, did you know that you can get back some money that you had spent through PIC claims?
Types of IRAS PIC Claims:
- 400% Tax Deductions / Allowances
- Cash Payout Option
- PIC Bonus*
*From YA2013 to 2015, businesses that incur qualifying expenditures are allowed to receive dollar-for-dollar matching cash bonus, subject to an overall cap of $15,000 for all 3 YAs combined. Under the PIC scheme, the PIC Bonus is given above the amount of existing 400% tax deductions/allowances and/or 60% cash payout, subject to conditions being met.
PIC Consultants at J Accounting Services can assist you in claims of PIC Government Grant
Email us at firstname.lastname@example.org. Alternatively, you can complete the right side bar enquiry form. You will be assigned to an experienced PIC consultant.
This consultant will analyse your situation and provide you with appropriate advice on which items can and cannot be claimed for PIC purpose. This could be over the phone or through a face to face meeting.
The consultant will then do the necessary PIC claims for you. Payment of one time service fees for PIC services – Contact us for Quote.
See You on the Next Page!