Productivity & Innovation Credit
Enhanced in the 2012 Budget, this scheme provides tax benefits or cash rebate for innovative business geared primarily for the automation of basic work processes. Under the PIC Automation Equipment List, our Point-of-sales & online reservation system qualifies for PIC claim by IRAS.
Towards the end of 2013 and 2014, businesses has been utilizing PIC BONUS which is an initiative by Singapore government's push for enhanced productivity instead of over-reliance on human resource, each getting $15,000 bonus with a surplus of $9,000. After PIC bonus, your business is still eligible for 60% cash-payout or 400% tax-rebate subjecte to IRAS terms and conditions. We can assist you in the process of making a claim as part of our good-will to our customers.
We have many customers who successfully claimed as our products are listed in the pre-qualified list of IT equipment.
Businesses eligible to apply for the cash payout are sole-proprietorships, partnerships, companies (including registered business trusts) that have:
- incurred qualifying expenditure and are entitled to PIC during the basis period for the qualifying YA;
- active business operations in Singapore; and
- at least 3 local employees (Singapore citizens or Singapore permanent residents with CPF contributions) excluding sole-proprietors, partners under contract for service and shareholders who are directors of the company. 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(s).
Image credit: http://www.enterpriseone.gov.sg