The PIC stands for Productivity Innovation Credit, it is administered by Inland Revenue Authority of Singapore (IRAS). The PIC grant Singapore and PIC bonus help to improve local SMEs businesses and invest in all SMEs innovation and productivity. This is supported by the Singapore government with IRAS being the administrator, to provide in the form of 400% tax deduction, allowances and / or cash payout for expenditure in any of the six qualify activities.
How much does PIC grant help SMEs and how much is online presence helping SMEs?
Research demonstrates that smaller businesses, by and large, are not maximizing the benefit of their Internet presence. This may be surprising to hear, and even disappointing to some, but it should be pointed out that those taking advantages of it, will be experiencing the significant gains.
Credits to Singapore government for coming up with the generous goodies, initiated in 2010 budget, further enhanced in the subsequent years, the purpose is to help SMEs businesses in Singapore to maximize savings and accelerate their productivity and innovation – that’s the PIC grant for SMEs in Singapore.
The six activities covered under PIC:
- Research & Development
- Registration of intellectual property rights (IPRs) – e.g patents, trademarks, designs and plant varieties
- Acquisition and in-licensing of IPRs – e.g. Buying a patented technology or copyright for use
- Acquisition or leasing of prescribed automation equipment
- Training of employees
- Approved design projects
From YA2013 to 2015, you may also enjoy a PIC Bonus, a dollar-for-dollar matching cash bonus given on top of the existing tax deductions and cash payout. Check the Self-Assessment of Eligibility for PIC+ Scheme.
Bring your Business up on the Internet, you can print your web address to your name card and keep your customer updated through the internet on your recent promotion, event and products. many entrepreneurs start a business in Singapore without having a functional and user-friendly website.
There are also cases whereby they haven’t considered having a website created or made. It is a fair good return of investment for building a website with us, keeping your business running 24/7.
The PIC Grant rewards Singapore companies who innovate and become more productive, and your company can claim up to a cost of $100,000 (60% at $60,000).
Read details in CashPayout PIC grant pdf file and let Imperial Program help you to take your business to the next level.
Our Imperial e Service check here.