Qualified business organizations can claim the expenditure on qualifying use of up to 400% from PIC Scheme
The 400% constitutes of 100% which is the usual reduction, and an extra 300%. Most organizations have a tendency to claim to 500% reduction on their expenditure. This happens when you claim 400% additional tax deduction on expenses and 100% against the income.
This will bring about an excess of 100% which may considered as a fraudulent claim by the IRAS, which many businesses should seek to avoid such mistake.
- Duplicate PIC claim
- PIC Approval