If you are a business owner you would likely know about the Productivitiy Innovation Credit (PIC) scheme . It is a scheme by the Singapore government to encourage Singapore businesses to encourage investment in technology, automation and training to improve productivity.
However you don’t have to be a business owner to benefit from the scheme.
If you are a business owner you would likely know about the Productivitiy Innovation Credit (PIC) scheme. It is a scheme by the Singapore government to encourage Singapore businesses to encourage investment in technology, automation and training to improve productivity.
However you don’t have to be a business owner to benefit from the scheme.
Contrary to popular misconception, the scheme is applicable to ALL businesses. YES that’s right, whether you are a one man shop or a multi-billion global MNC.
If a company makes investments in the following 6 activities they can claim tax relief equal to 400% of their investment up to a maximum of $4.8 million (400% x $1.2m) per year:
a. Acquisition or leasing of PIC automation equipment ;(cloud services included in this category)
b. Acquisition of intellectual property rights (“IPRs”);(IPRs include software)
c. Registration of certain IPRs;
d. Research and development (“R&D”);
e. Training; and
f. Design.
Specifically for IT Managers, this is an opportunity to make strategic investment in the right systems, solutions, training and process improvement that will bring about lasting impact to your organisation. You can now ask for much larger IT expenditures whether Capex or Opex without impacting your company’s bottom line. Essentially the government is sponsoring those investments.
If you are interested to learn about PIC you can go https://www.iras.gov.sg/irasHome/PIcredit.aspx.
Like all good things, this scheme will not last forever and will expire in YA2015
IT Service Management and Asset Management solutions are some of the best things you can do to enhance IT department productivity. With the help of the PIC, now might be the best time to implement or upgrade.
Ken