MYOB Accounting Software Solutions

http://myob.gstassist.sg/pic/no1.jpg

one-stop accounting solution provider

01

Business Solutions


29-Oct-14

HOME

PRODUCT

SOLUTION

TRAINING & SUPPORT

PRICELIST

Business Opportunity

Track Records

GRANTS

CONTACT

 

http://www.gstassist.sg/pic/myob.jpg

 


 

 

Productivity and Innovation Credit+ (PIC) Scheme

 

.. Investing beyond the expenditure cap for PIC? Claim enhanced tax deduction with PIC+ scheme.

 

For who?

Sole proprietorships, partnerships and companies with.

  an annual turnover of not more than S$100M

  employment size of not more than 200 workers

 

For what?

To provide financial support to small and medium enterprises that are making substantive investments to transform their business.

PIC covers spending on 6 business activities in the following areas:

  research & development (R&D) - including R&D projects conducted outside Singapore

  registration of intellectual property rights patents, trademarks, designs and plant varieties

  acquisition of intellectual property rights (E.g. 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

For more details on each of the 6 activities, please refer to the Summary of Deductions/Allowances on Qualifying Activities table on the Inland Revenue Authority of Singapore's (IRAS's) website.

 

How much?

Companies can get up to 400% tax deductions or allowances on up to S$600,000 of their expenditure per year.

The annual expenditure cap of S$600,000 per qualifying activity may be combined as follows:

 

Year of Assessment (YA)

Expenditure Cap per Qualifying Activity

Tax Deduction per Qualifying Activity

2013 to 2015
(Combined)

S$1,400,000*

S$5,600,000

(400% x S$1,400,000)

2016 to 2018
(Combined)

S$1,800,000

S$7,200,000

(400% x S$1,800,000)

*Applicable if you are carrying on a trade or business for the relevant YAs. Otherwise the combined cap is reduced accordingly.

 

Things to note

The scheme covers expenditure incurred for YA 2015 to YA 2018.

 

For more info

PIC+ Scheme by Inland Revenue Authority of Singapore (IRAS)

How to apply?

You may contact us at Tel: 6220 3306 to find out more.

 

 

 

All logos featured are trademarks of their respective owners.

 


 

Hotline: 6220 3306

email: myob@gstassist.sg

website: myob.gstassist.sg

.Nothing was ever done so systematically as nothing is being done now. - Wilson, Woodrow T

 


 

 

 

Copyright myob.gstassist.sg. All rights reserved.

 

 

 

Disclaimer: The information contained within this website is provided purely for general informational purposes only. We cannot accept any responsibility or liability, legal or otherwise for any errors or omissions,

and we reserve the right to make any changes without notice. All company logos featured are trademarks of their respective owners.