Application Services

PIC application sometimes can be tricky for an inexperienced eye. There are some few common errors which can cause an applicant to be denied the grant, and even prosecuted for committing fraud even if inadvertent. It is useful to engage PIC consultants such as ourselves in order to assist you in the process of claiming PIC to maximize your chances of success and even maximize the possible gains your business can realize from the application.

Qualities of a good business/grant consultant

When looking for a consultant, here are some things you need to be on the lookout for:

  • Should come with a wealth of experience in dealing with all government grant schemes as well as many aspects of financial consultancy
  • Should be able to provide factual, objective and repeatable advice, that would make sense to any other service provider
  • Should make such recommendations in writing i.e. can be held accountable for the information provided to clients

Before your application is submitted, verify that it represents the true and fair picture of the state of your accounts, that you have all relevant support documentation and that no information has been downplayed or exaggerated for effect. If gross discrepancies are found in the application, not only do you risk losing out on the benefits of the scheme, but also you face the possibility of prosecution for fraud.

We offer you all the above services, based on more than a few years’ experience in the practice and trade, dealing with enterprises of all sizes and types. Contact us to maximize the chances of a successful application.

Common mistakes made during application

  1. Claiming the 400% tax deduction/allowance option for expenses that are not in IRAS’s approved list of equipment and qualifying expenditures. These may include video surveillance equipment, acquirement of motor cycles, refrigerators, furniture and fittings etc. and expenses related to installation and/or maintenance of automation equipment. For expenditure that you feel qualifies for PIC you may submit an application for approval by IRAS on case-to-case basis before submitting the PIC claim application.
  2. Applying to receive both PIC scheme option for the same expenditure in the same year of assessment. Only either is allowed.
  3. Application for additional tax allowance of 400% rather than 300%. The law pre-PIC scheme allowed for 100% tax allowance, therefore, if wanting to use ‘additional’ then the right figure would be 300% to make a total of 400%.

Applying without being eligible, or using fraudulent means to pass eligibility e.g. hiring employees on contractual basis prior to application and dismissing them after. Every employee in the organization must have been independently hired for mutual commercial benefit aside from the scheme.