Benefits that Manufacturing Industries can Obtain from IRAS PIC Grant

The Inland Revenue Authority of Singapore, which stands for IRAS, has benefitted the manufacturing industries through their Productivity Innovation and Credit grant scheme. The PIC grant emerged in the market of Singapore in the year 2010. Many manufacturing industries have taken this path to enhance their productivity and profit while competing in the international market as well. They specialize in E-commerce, web design, customer relationship management and content management as well.

Sections getting benefitted

Individuals, businesses, property owners and GST are mainly prospering from PIC Grant. The various scheme that it provides are –

  • Wage Credit Scheme- the government has introduced the wage credit scheme to lessen the burden of the rising high price wage payouts in the labor market. This scheme will enable to share the productivity with the employees.
  • For companies- All companies must file their income tax returns and they can also enjoy up to 10 monthly installments. This include PIC scheme.
  • For sole proprietors or self-employed- They include freelancer, commission agents, taxi drivers and hawkers. If you are earning by full-time or part-time way from any trade, businesses, vocation or profession then the income should be reported in the tax return.
  • Responsibilities as an employer- The responsibilities as an employer are to file employee earnings, to report common errors, to answer questions on employee’s remuneration, to keep proper records, and to share information with employees.
  • Withholding tax- It is for the payment to non-resident companies and non-residents. Withholding tax are those if you are paying to any nonresident professionals, non-resident public entertainers, non-resident directors, non-resident companies, Foreiners/Singapore permanent residents.

Ways to profit the manufacturing industry

The following are some of the ways in which PIC Grant 2014 can prosper the manufacturing industries.

  1. Assistance to reduce the burden of tax from the industries- Most of the companies suffer from their tax obligation. By tax relief, they can manufacture at a lower cost by competing with the other industries in the international market, which are offering similar products.
  2. Getting cash payouts progress their operations- The cash payouts to the companies have helped mostly those who were suffering from insolvency. The companies can utilize this money by giving training to their employees to adopt new technology. They can also utilize this money to produce their products at a lower rate.
  3. Obtaining copyright and patents of their products will be easier- The industries can always use the money that they has to protect their products from the copyright in the international market.
  4. Increases the productivity of the manufacturing industry- When companies seek help from the PIC grant then they make sure of that the operations are effective for the people who need them.
  5. Guide them to buy machines and devices- This cash payouts help the companies in buying new machines and devices which help in the manufacturing.

Guide to assist in PIC scheme

There are many consultants who have helped many manufacturing industries by providing them consultations. As PIC Grant Singapore took birth in the market, many PIC Grant Consultants linked their connectivity with the manufacturing industries to double their productivity. They give free assessment in approval case-by-case, check software and equipment qualifying for PIC, training qualifying for PIC cash payouts.

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