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IRAS PIC Scheme

Jaden Lee 

IRAS Productivity and Innovation Credit

The IRAS Productivity and Innovation Credit (PIC) Scheme was first announced in Budget 2010 to encourage businesses in Singapore to improve their capabilities and enhance competitiveness by investing in a range of qualifying activities that improve productivity and facilitates innovation. We highly encourage all businesses to take advantage of the PIC scheme, as all of our products and services offered are guaranteed claimable for PIC – making your move to the cloud even more cost-efficient.

To encourage even more Singapore businesses to take productivity and innovation improvements more seriously, eligible businesses that spend a minimum of $5,000 in qualifying PIC investments in a financial year will receive a 100% matching cash bonus.

PIC Cash Bonus

This PIC cash bonus is capped at $15,000 for the 3-year period of YA 2013 to YA 2015, and is given in addition to the existing PIC benefits of:

1) 400% Tax Deductions / Allowances

How it works

Businesses can enjoy 400% tax deduction/allowances on up to $400,000 of their expenditure per year in each of the six qualifying activities, instead of the 100% deduction/allowances under the existing tax rules.

The annual expenditure cap of $400,000 may be combined as follows:

Note: A company claiming can receive a total of 400% tax deductions/allowances (comprising 100% normal deduction and 300% tax deduction) on the qualifying expenditure. Do not claim 400% additional tax deductions on the expenditure which has already been deducted as an expense (100% normal deduction) against the income. This results in an erroneous claim of 500%.

2) Cash Payout Option

  • Small and growing businesses with cash constraints have the option to convert their qualifying PIC expenditure into a cash payout to invest in technology or upgrade their operations.
  • The expenditure cap for PIC cash payout will remain at $100,000 of qualifying expenditure per YA.
  • This cash conversion option will be from YAs 2011- 2015.

PIC Cash Bonus

For both options 1 and 2, as long as the qualifying expenditure exceeds $5,000, an additional benefit of dollar for dollar matching will be paid out up to $15,000.

Examples:

  • Qualifying expenditure of $4,000 – $0 bonus paid out
  • Qualifying expenditure of $10,000 – $10,000 bonus paid out
  • Qualifying expenditure of $15,000 – $15,000 bonus paid out
  • Qualifying expenditure of $20,000 – $15,000 bonus paid out

Depending on your financial year end this might be the last month for you to claim this PIC Bonus of $15,000 , do not miss out on this opportunity!

PointStar’s IT Products and Services and PIC

All of our offered products will fall under “IT and automaton equipment” within the PIC scheme.

(A) ‘Loosened’ conditions for approving equipment that is not on the prescribed list:

  • (i) The equipment automates or merchandises, whether in whole or in part, the work processes, whether core or non-core of the business; and
  • (ii) The equipment enhances the productivity of the business.

(B) The term ‘automation equipment’ has been changed to ‘IT and automation equipment’ to reflect the fact that PIC already supports IT-related software besides automation equipment.

None of our customers have ever experienced any difficulties in claiming PIC for any PointStar related expenses, and our team of will be more than happy to guide  you through the entire process!

Being Productive & Innovative in Singapore Pays

If companies plan their PIC strategies well, they stand to save up to S$9.6 million in taxes per year. This is possible as they can estimate their taxable income and make provisions for investments in qualifying activities at the time of annual budgeting. Companies can invest in any of the following 6 categories to take advantage of PIC.

  1. Purchase / lease of PIC Automation Equipment
  2. Training of Employees
  3. Acquisition of Intellectual Property
  4. Registration of Intellectual Property
  5. Research & Development
  6. Approved Design Projects

 

Cloud Computing Boosts Productivity & Innovation

It’s been proven – businesses that leverage on cloud computing solutions perform far better in comparison to those who still rely on traditional on-premise hardware and software setups, all at a fraction of the cost.

We have witnessed countless times what moving to the cloud can do for businesses, employees are more productive and happier, innovative capabilities are enhanced, costs are reduced – what’s not to love?

Which is why the whole range of cloud solutions that we offer, such as Google Apps for Business, will always qualify for the IRAS PIC scheme.

So don’t hesitate to take this opportunity to transform your business with the latest cloud technologies now, all while saving loads of your money using PIC!

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