400% tax deductions/ allowances on up to $400,000 of spending per year in each of the six qualifying activities. /p>
PIC + Scheme
From YAs 2015 to 2018, qualifying businesses can enjoy 400% tax deductions/allowances on up to $600,000 of qualifying expenditure per year in each of the six qualifying activities.
Option to convert up to $100,000 of total spending in all six activities for each YA into a non-taxable cash payout, in lieu of the tax deduction/allowance.
For qualifying expenditure incurred from YA 2013 to 31 July 2016, the cash payout is 60%.
For qualifying expenditure incurred on or after 1 August 2016 to YA 2018, the cash payout conversion rate will be at 40%. Revised!
Our PIC Grant Application Services
How To Claim PIC?
Claim tax deduction in income tax returns( (400% of tax deductions)
In order to claim PIC, businesses have to submit an application form, which will be assessed on a case-by-case basis by IRAS. After approval, which takes a few weeks, a PIC Bonus Notice will be paid by the notice.
Once your application has been approved, you are eligible to apply for the cash payout and claim PIC deductions or allowances in your income tax return.
To be qualified and eligible for the PIC grant, the company must be regis- tered in Singapore and employ three staff that have an approved CPF contribution.
When To Submit?
Any time after the business accounting year-end but not later than the income tax return filling due date of income tax return for that YA.
The appliication form for PIC can be submitted any time after the accounting year-end, but no later than two months before the due date of the income tax return filling for the income tax return for that year.
Who Can Apply?
The qualifications in order to be eligible for these grants include having a Company registered in Singapore, a staff of at least 3 that have CPF contribution approved, as well expenses in employee training, development, research and design project investments that have been approved.
Our PIC Application Services include:
Full PIC grant proposal and application preparation (from commencement through to lodgment).
Any stage/s of the grant application or tender preparation process. We are more than happy to help you complete some of the more challenging sections of the application you require assistance with.
Supporting documentation. PIC grant applications require supporting material including business plans, position descriptions, résumés for key personnel, support letters, policies and procedures etc.
PIC Grant reporting. We can help you deliver the reports required under the contractual terms of the funding arrangement.