Boost Your Tax Savings for 2013!
Productivity & Innovation Credit for Singapore Companies
6 Ways to Boost Your Tax Savings with the PIC
The PIC scheme supports investments in Innovation and Productivity. Businesses
can enjoy huge tax savings in the form of Cash Payout and/or Tax Deduction when
they invest in any of these six productivity improvement activities:
1. Acquisition or Leasing of PIC Automation Equipment
2. Training of Employees
3. Registration of Patents, Trademarks, Designs and Plant Varieties
4. Acquisition of Intellectual Property Rights
5. Investment in Design Projects Approved by the DesignSingapore Council
6. Research and Development Activities
On your spending for accounting years 2010 to 2014 [Years of Assessment (YA)
2011 to 2015]
You can enjoy 400% tax deduction on up to $400,000 of your spending each year in each of the six activities.
You can apply to convert up to $100,000 of your total spending in all six activities
into a non-taxable cash payout instead of claiming tax deduction. This option may be more beneficial for businesses with low or no taxable income
If your company does not avail of this tax credit, you may very well be leaving 'cash on the table'. See additional details in this blog article published by Blue Ocean Systems Singapore: Are You Leaving Cash on the Table?
Call Us to Discuss How We can Help You with the Productivity & Innovation Credit!
Take Your Business Further with Sensible Investments to Improve Productivity
Get in Touch with Blue Ocean Systems Today!
We specialise in the implementation and support of SAP enterprise applications for small to medium sized enterprises (SMEs).
Comprehensive Planning – scope and define your requirements
Expert Customisation – provide the right fit for your business
Swift Deployment – implement quickly and efficiently
Seamless Integration – optimise and test system performance
Reliable Support – manage ongoing maintenance and enhancements