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IRAS PIC, or Productivity and Innovation Credit (Singapore) - 21/02/2011

For our Singapore customers,do you know that there is a new enhanced IRAS PIC, or Productivity and Innovation Credit scheme which applies to our BizControl ERP software?

The following are the excerpts from the IRAS released documents for the newly announced budget 2011. For more information please refer to IRAS Singapore website .

In short, all Singapore business companies, be it local or foreign subsidiaries, can claim up to 4 times (400%) of our software cost against their chargeable income (up to a limit 800k or 1.2m [read below for details]). No approval from IRAS is required. Unused amount can be carry forward for future years. The companies can also choose to apply for cash payout of 60% (YA2013 to YA2015, meaning in Year 2012,2013, and 2014) of our software cost from IRAS if cash is preferred to tax credit (this requires a 1 page form filling and attachment).

Call us now at 6245 9282 or send us a Sales Enquiry if productivity is on your mind and your want to take advantage of this generous government scheme!

Excerpts for Productivity and Innovation Credit Scheme (PIC)

Note: Referred to IRAS website on 21/02/2011, and FAQ for PIC and cash grant.pdf.

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