Improve your company’s web and digital presence at a fraction of the cost with the IRAS PIC Scheme.
The IRAS Productivity and Innovations Credit (PIC) Scheme covers small to medium enterprises (SMEs) in Singapore to invest in innovation and productivity. Web design and development PIC claims, as well as Business Application Development PIC claims, are both guaranteed qualifying activities under the IRAS PIC Scheme. Once the project has been completed, you can submit for claims and opt for either tax deduction or cash payout.
The PIC tax deduction gives you a 400% tax deduction on all PIC-claimable activities during your company’s financial year. For a better understanding, click here. The PIC cash payout option gives businesses 40% cash back on your PIC-claimable spending. This will be available up until 2018 and issued out every quarter to minimise cash flow issues. For a better understanding, click here.
To be eligible, your business has to be a locally registered company with the following:
- Active business operations in Singapore
- At least 3 local employees (Singapore citizens or Singapore permanent residents with CPF contributions) excluding director / owner of the company.
- Expenditure on approved qualifying activities such as website design and development