PIC Claim Explanation Video Chinese Version
PIC stands for Productivity Innovation Credit. It is administered by Inland Revenue Authority of Singapore (IRAS). The PIC Grant rewards Singapore companies who innovate and become more productive, and can claim up to a cost of $100,000 (40% at $40,000).
The PIC Grant strive to encourage more companies to adopt the PIC scheme by investing in innovation and productivity. Businesses that spend for a minimum amount of $400 in PIC activities in a year will get to receive 40% of the cost in cash rebate from IRAS PIC or 400% tax deduction.
PIC Claim for Business
Traditional Business without website presence are losing to other company that got their own website.
Have you ever thought that by spending SGD $1000.00 ($1500 covered by PIC Scheme), you can actually gain customers for your business through the internet. With 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 promotions, events and products. We are the expert for creating and maintaining Websites that rank well in Google Singapore.
We are ranked for more than 10 keywords on Page 1 for Google Singapore, we can do the same for your business considering that there are thousands of Singapore Business or Consumer searching for search terms related to your business every month based on detailed reports from Google.
It is a fair good return of investment for building a website with us, keeping your business running 24/7 to provide information or perform transaction to people interested in the service or product your business provides.
Singapore Budget 2015 stated that the PIC Bonus will end this year. However SME can still claim 40% cash rebate or 400% tax deduction for PIC claim related activities until YA 2018.
PIC Claim for Website
Our team have discovered that 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.
“Think of your business website as a big part of your business”
What to note when applying for PIC Cash Payout?
- > Once the qualifying expenditure is converted to cash, it cannot be claimed as tax deductions/allowances.
- > Election to convert qualifying expenditure to cash is irrevocable.
- > The minimum qualifying expenditure for each application is $400.
- > Qualifying expenditure to be converted to cash is the amount net of grant or subsidy by the Government or any statutory board, and includes grant or subsidy pending approval.
Great news to share – PIC Grant
Small and Medium Enterprises (SMEs) in Singapore can claim using either the Productivity and Innovation Credit (PIC) Grant for up to 40% Cash Rebate or for a 400% Tax Reduction on the total cost incurred for your website.