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We provide Web & Mobile App Development & IT business solutions to SMEs and have successfully helped many claim their PIC Cash Payout and bonus
PIC Incentive - Productivity and Innovation Credit For 2013 (Singapore)
The Productivity and Innovation Credit (PIC) Scheme?
It is a business incentive announced by the Singapore Government in 2011 for SMEs to get significant tax deductions or cash payouts for your investments in many areas such as Research & Development, External Training, Trademark, Intellectual Property, IT and Automation Equipment. It encourages SMEs in Singapore to increase productivity and innovation to improve business operations and therefore reduce employee costs.
To be eligible for the PIC bonus, businesses must have:
- Incurred at least $5,000 in PIC-qualifying expenditure during the basis period for the YA in which a PIC Bonus is claimed
- At least 3 local employees (A business is considered to have met the 3-local-employees condition if it contributes CPF on the payroll of at least 3 local employees in the relevant month)
- Active business operations in Singapore
Congratulations to all companies in Singapore! PIC Grant has been extended 3 more years till 2018! How to apply for productivity innovation credit cash payout?
- Quarterly applications from YA 2013 to YA 2018: After the end of each quarter in March, June, Sept or Dec and/or combined consecutive quarters in the business financial year;
- Not later than the filing due date of income tax return – 30 November:
- Contributes CPF on the payroll for at least 3 employees: Last month of the quarter or combined consecutive quarters to which the cash payout option relates. Only minimum of 1 month is needed for claims before 2015! 2015 onwards 3 months CPF is needed for a quarter is needed.
Items to note when applying for cash payout Your enterprise is allowed to apply for the PIC scheme multiple times as long as you have not reached the maximum quota of $60,000. The minimum qualifying expenditure for each funding application is S$400. The choice to convert your eligible fund application amount to cash payout is irrevocable. This means that your enterprise is not allowed to claim this same amount of qualifying expenditure as tax deduction or tax allowances once it has been converted to cash payout. Qualifying expenditure to be converted to cash is the amount net of grant or subsidy by the Government or any statutory board, and includes grant or subsidy pending approval.
Can Property/Insurance Agents Claim IRAS PIC Grant?
YES! This is confirmed by IRAS Officers and our services are certified to be claimable and fall the under the list of claimable items by IRAS.
Create website or mobile app (iPhone & Android)
Some property agents are interested to create websites or mobile apps for showcase of latest properties/projects or even CO-BROKE projects. It is important to know that website or mobile app development is covered under the PIC system in Singapore. If you want to promote your service, you may want to consider creating a good website or mobile app for your business. Creating this technology is very useful to help you get the PIC grant easily. Developing a website or mobile application is considered as one of the six activities that can be covered by PIC grant.
Have proper training for all employees (e.g. Sales Training Tips, Customer Service Tips, etc.)
If you are a Property/Insurance Agent in Singapore, you should be eligible for the PIC scheme. This is the first thing that you can do to get this PIC grant from the IRAS (Inland Revenue Authority of Singapore). Employee's training is considered as one of the six activities that can be covered by this PIC scheme. If you want to claim for your PIC grant, you should do some training sessions for yourself and other employees.
Submit the PIC application form
All required paperwork would be filled by us and would help you submit the claims on your behalf. We would make sure that everything is filled up correctly and you would get your grant being successfully approved. We are confident that all applications would be 100% approved as long as you engage us for our services.