PIC Fund [So-called PIC Grant or PIC Bonus] (Productivity and Innovation Credit)
Square Fresco Pte. Ltd would like to introduce PIC Fund to you. Singapore initiated a Productivity and Innovation Credit in the 2010 Budget which offers tax deductions of investments to help achieve tax deductions or payouts in research & development, innovation, automation and training.
Furthermore, with PIC Fund you can enjoy deduction at 400% of their expenditure instead of the 100% or 150% tax deduction from existing tax rules. PIC Fund aims at standard enterprises to explore the PIC in order to invest in innovation and productivity at Square Fresco Pte. Ltd.
How PIC Fund benefits you at Square Fresco Pte. Ltd?
- With the PIC Fund you could spend less and receive Cash Payout + Cash Bonus
- 60% Tax Savings on your money spent with our Mobile Application Development company thus for every money paid out, it will only cost you less after tax savings.
- It would be a great opportunity for you to take advantage of the 400% tax deduction to look what can be done to improve at a low cost.
- The IRAS in conjunction with the Enterprise Development Centers which are jointly set up by spring and business chambers, offer free, scheme and take advantage of the PIC Funding benefits
Qualifications for PIC Fund
- Minimum Expenditure for a PIC Benefit - A PIC bonus benefit is applicable after a specified period known as Years of Assessment (YA) the claim made. The minimum expenditure that a business to spend for a single YA is $5,000. If the claim is made for combined years of assessment, the expenditure accumulates in the same period for YA (2013-2015)
- Business Situated in Singapore - PIC benefits can be only claimed if the business have been and still in operation within Singapore region. Any company that does not operate in Singapore or the ownership belongs to a Singaporean will not be eligible for a PIC Fund claim. Businesses that have no longer operational will also not be eligible to receive the PIC Fund benefit. If the business satisfies above conditions and has evidence of investments in external training, they can then apply for PIC grants and bonuses from IRAS
- Local Employees Requirement - For a business to receive PIC grants, it must have at least three local employees' working in the company. This means that it should have proof of paying CPF contributions on the payroll to three Singapore citizen employees
Contact Info
Square Fresco Solutions Pte Ltd
#06-57 OXLEY BIZHUB 1,
73 Ubi Road 1,
SINGAPORE 408733.
TEL: +65 6635 7498
MOBILE: +65 9733 5520
FAX: +65 6635 7499
E-mail: info@squarefresco.com