What Exactly Is Productivity And Innovation Credit (PIC) Scheme?

What Exactly Is Productivity And Innovation Credit (PIC) Scheme?

eCommerce PIC - The Inland Revenue Authority of Singapore (IRAS) lets company owners to enjoy an important advantage because of the so called Productivity and Development Credit or PICTURE. This structure was initiated to help local business when they invest in revolutionary betterments that enhance productivity.

Companies receive a 400% tax-deduction and/or a 60% funds gain on the said expense within the last month of the quarter or joined back-to-back sectors to which the funds payout choice links.
What is PIC bonus?

Along with PICTURE plan, PHOTO bonus permits your company a state of a dollar for dollar matching cash reward for YA 2013 to YA2015. This subject to an total cap of $15,000 for many 3 YAs united. This structure is provided on top of the existent PIC money pay-out structure. Website Design

For an example: A corporation invested $30,000 on customised automatic method. The state for PICTURE is $18,000 being 60% x 30,000 and $15,000 for PICTURE bonus payout from IRAS. Total money payment to the business is $33,000
Who's eligible for PHOTO/Bonus?

Business who are suitable for PHOTO/Reward are one-proprietary, venture and Private Limited.
Energetic enterprise functions in Singapore and registered with ACRA
At least 3 local employees (Singapore citizens or Singapore permanent residents with CPF efforts) excluding lone-entrepreneurs, partners under contract for service and shareholders that are managers of the firm.
Received at least $5,000 in PHOTOGRAPHY-qualifying expenditure during the basis interval for the YA where a PHOTO Reward is claimed

When is the qualifying interval for PHOTOGRAPH?

PIC Structure is successful from YAs 2013 to 2015.

If, for example, your qualified outlay in October 2012 and your accounting year finished on 30 June 2013 subsequently your state is suitable in your Tax Return for YA 2014
What're six qualifying activities for PIC?

Buy or rental of PIC Information-Technology (IT) and Automatic Equipment. Click the link for PIC Automation Gear List
Coaching of employees
Buy and In-licensing of Intellectual Property Rights
Enrollment of patents, brands, designs and plant assortments
Investigation and development activities
Layout jobs approved by DesignSingapore Authorities.

Are Regular HTML Website/ Responsive Internet Site/ Web Design on Content-Management System/ eCommerce Method/ Customised Web Software Development/ Mobile Software Advancement claimable under PICTURE Plan?

Yes, they may be.
Do you do PICTURE consultancy?

Vortex Creation doesn't charge any consultation charges in related to PIC give and do notice that the PIC type must be filled by the clients themselves.
How do you claim for PHOTOGRAPHY?

The claim money payment usually will soon be prepared by IRAS within three months of reception of the application and applicable annexes of the information to be fulfilled. Do take note that any incomplete applications will likely be rejected.

You could obtain the kind at PIC Money Payout Application Form
At what place might I get more info on PHOTOGRAPH and PICTURE Reward?

To learn more about the IRAS PICTURE Scheme, visit the official IRAS web site a Web Site: http://www.iras.gov.sg/irashome/picredit.aspx
Electronic Mail: picredit@iras.gov.sg
Helpline: 1800-356 8622 (For Business Organizations) | 6351 3534 (For Self Employed/Venture)
Using hours: 8am to 5pm, from Monday to Fridays

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