What is PIC Scheme?
Productivity and Innovation Credit (PIC) Scheme is a welfare measure introduced by Singapore Government. The Scheme commenced from 2010 by allocation of funds in budget. The objective is to encourage commercial businesses including manufacturing industries, to achieve innovation, increased productivity and thereby reduced cost to compete in business arena, through highest quality of products and services. All Singapore businesses employing at least 3 employees of Singapore nationality or Permanent Residents are eligible to avail PIC Scheme Benefits. 400% of Qualifying Expenditure up to $400,000 till the year 2015 and up to $600,000 from 2016 to 2018 can be claimed as Tax Reduction; or 60% of Qualifying Expenditure up to $60,000 in a financial year can be claimed as Cash Payout; under PIC Bonus Scheme in Singapore another PIC Bonus of up to $15000 (taxable) is automatically credited for the years 2013 to 2015. The Government has stipulated rules, regulations and norms for claiming PIC Scheme Benefits and PIC Bonus Scheme benefits. Sole Proprietorship (including Self-employed); Partnership; Corporations; Enterprises and corporate entities (owned by foreign nationals and establishing a branch or unit inside Singapore and operating) can stake PIC Scheme Applications through Consultants like PIC Singapore, and enjoy PIC Scheme Benefits in full.
How I Can Apply For PIC Bonus Scheme?
Singapore Government has empowered Government Agencies like Inland Revenue Authority of Singapore (IRAS) to streamline PIC Scheme Claim Applications. IRAS on receipt of individual applications from Singapore businesses scrutinizes and approves the same, for sanctioning the respective PIC Scheme Benefit. The Qualifying Expenditure for introducing Innovation for increased productivity and quality of service has been classified under six important heads namely – training staff towards innovation; PIC Automation and IT Equipment to be installed and expenses incurred for lease or procurement; IT related equipments and technology software expenses either leased or procured outright; organization’s Intellectual Property Acquisition, Registration and Licensing expenses; Research and Development expenses towards modernization and technology upgrade; and expenses in respect of Design Related Programs and getting approval from Design Singapore Council. Singapore business can submit PIC Scheme Claim Applications directly or through Consultants like PIC Singapore to IRAS for scrutiny and approval. The Claim Applications should be in the format prescribed and supported by appropriate documents in respect of incurring Qualifying Expenses in each financial year separately. Tax Deduction claims; Cash Payout claims and other allowances and tax-remission claims as admitted by IRAS should be filled in with care, avoiding possible common errors and attached with relevant documents to hasten the approval by IRAS and sanctioning the maximized PIC Scheme Benefits, including crediting of PIC Bonus automatically every year.
At PIC Bonus, we offer assistance in obtaining government grants.
Reputable companies offer professional and comprehensive information regarding the application process while considering your unique needs. PIC Bonus Singapore is a leading consultancy company; at PIC Bonus we keep our customers abreast of the latest information on these grants. Established companies know what it takes to apply for a grant successfully. They also value their clients and seek to assist businesses, particularly SMEs which exploit the Productivity and Innovation Credit scheme (PIC). Applying for a government grant may at times prove tedious and frustrating particularly due to overwhelming competition. Therefore, it is reassuring when you entrust this task to a professional and reputable organization like PIC Bonus. Engaging the services of a highly experienced and dedicated team, PIC Bonus Singapore will facilitate the application process while simultaneously alleviating you of unnecessary stress. You should engage the services of a reputable company like PIC Bonus in Singapore so that you can enhance the success rate of your grant. Additionally, your chosen company should aim to develop sustainable and cost-effective strategies that fulfill your business goals.
Applying for a government grant may at times prove tedious and frustrating particularly due to overwhelming competition. Therefore, it is reassuring when you entrust this task to a professional and reputable organization. Engaging the services of a highly experienced and dedicated team will facilitate the application process while simultaneously alleviating you of unnecessary stress.
You should engage the services of a company that focuses on enhancing the success rate of your grant. Additionally, your chosen company should aim to develop sustainable and cost-effective strategies that fulfill your business goals.