In Singapore the government offers business owners a way to enjoy 400% tax deductions and allowances or a 60% cash payout for investment in innovation and productivity improvements under their Productivity and Innovation Credit (PIC) scheme. The scheme is administered by the Inland Revenue Authority of Singapore (IRAS). The PIC scheme rewards Singapore companies who innovate and become more productive. — PIC Claim Grant is a new website that helps business owners through the application process to successfully claim their PIC grant payout.
The site explains for business owners that it is wise for them to spend a minimum of $5,000 in IRAS PIC graded activities in a year in order to qualify to receive 60% of the cost in cash rebate from IRAS PIC or a 400% tax deduction.
The site goes into details on what qualify as PIC activities and how different businesses can enact these in order to increase the efficiency and growth potential of their businesses while at the same time receiving government mandated support for doing so, redoubling their incentive to run their business in a way that is primed for future success.
A spokesperson for PIC Claim Grant explained, “PIC Claim Grant is a resource center created with business owners in mind, to take them through the scheme in a way that is easy to understand, explaining the potential advantages of the scheme for a variety of different major business types, and describe how businesses can apply successfully for funding or tax cuts from the scheme by undertaking a range of innovation and productivity related strategies within their business. The site is being updated regularly, and aims to be the go-to resource for business owners in this matter.”
About PIC Claim Grant: PIC Claim Grant is an online resource center for people looking to take advantage of the government’s schemes to help business reinvest in innovative ways of increasing productivity. The site is regularly updated with new information for a broad range of business, and provides step by step guides in easy to read plain English to help business owners on all scales take advantage of the scheme.
Release ID: 73558