Minor Updates in the PIC Grant- Payout Revised from 60% to 40% now

PIC Grant - Productivity Innovation Credit is being administered by Inland Revenue Authority of Singapore. The grant has been a big helping hand for the small and medium enterprises.

The PIC Claim, whose main objective is to offer a considerable amount of tax deduction to the SMEs (Small and Medium Enterprises) to the Singapore-based companies. The grant can help to improve the productivity and innovation for most of the companies. Owing to its popularity, several companies have already applied and availed this grant till now. Until now the government was offering a cash payout of around 60% of the total investments of any companies that are involved in following qualifying activities:

Acquisition and Leasing of PIC IT and Automated Equipment: It includes leasing and purchasing of computers, software, outsourcing for company's website, mobile app development etc.

Training of Employees: The total cost incurred in training the employees in-house and out-house.
Acquisition and Licensing of Intellectual Property Rights: Cost incurred to buy payments and patented technology for copyright materials.

Registration of trademarks, patents, designs and plant varieties: It includes the prices to be paid to the IPOS to register the company's name, trademarks, products etc.

Other activities include the research and development activities along with design projects approved by the Design Singapore Council.

The PIC grant has been a big hit amongst the companies of small size, with a condition that they comply with the standards of the grant. In a recent update to the condition of this grant, the news from the officials has confirmed that the grant now onwards has reduced cash payout from 60% to 40%. The step has been taken in order to introduce some new grants sooner to the market. While there are no confirmed citations on why the reductions have been made, the move has called people's attention towards the matter.

Not to fret, the customers and business owners have plenty of other options to get relaxation and compensation from the government in the form of other grants, this one too is quite reasonable and beneficial in many contexts. The percent share might had got reduced but the plenty of benefits are still available.

About the company:

PIC Claim Singapore - https://picclaimsingapore.com is an online website that provides a complete detailed information about the grants, it claim, availing the grant, its conditions, limitations and every other minute details. It also provides constant updates about the grant and tips regarding the same.

Contact Info:
Name: Criss Ong
Email: Send Email
Organization: PIC Claim Singapore
Address: 1 Ivring Place,
Phone: 67444064
Website: http://www.picclaimsingapore.com/

Release ID: 130480