Under the enhanced PIC scheme, every dollar invested towards qualifying expenditure attracts a government subsidy worth 68 cents in tax deductions. However, smaller businesses facing constrained cash flows may opt for a 60% cash payout instead. Also, according to the tax deferral option, a business may put off to the following year of assessment the amount of tax owed equivalent to the amount that was spent on PIC qualifying investment, to $100,000 maximum.
As you have noticed, there are a lot of stipulations accompanying the tax deduction/allowance and deferral option, meaning that your business would require a knowledgeable partner to translate the requirements into information that can be easily applied to your business.
How we will help
That’s why we offer tax advisory services through our knowledgeable team of tax incentive experts. We will help you to categorize activities that may qualify you for various tax incentives and guide you to gather the proper documents to present during application.
We offer you full and comprehensive services to enable you to obtain tax incentives for qualifying activities. Our services include, but are not only limited to:
- Guidance in verifying both offshore as well as onshore projects that qualify for PIC grants and tax incentives in the various categories
- Guidance in the identification and review of details about qualifying expenditure with the aim of maximizing possible benefits when claims are made.
- Assistance in identifying possible new projects a business can invest in outside the traditional bounds of various categories which may still qualify to receive tax incentives and other grant benefits
- Acquisition and appropriate preparation of the required forms, including detailed submissions of projects and activities which fall under qualifying expenditure after removal of other grants and subsidies the business has benefitted from.
- Arrangement of required documents to support claims during the application process
- Acting as liaisons with the Inland Revenue Authority of Singapore on behalf of the business throughout the application and review process
- In-depth analysis of the business’ current processes and activities in order to advise on possible improvements that can be incorporated to enable appropriate storage of information for current as well as future claims for tax incentives for the business on qualifying expenses and investments
- Facilitation of workshops and trainings for clients and businesses to be educated on the various requirements for tax incentive PIC claims to ease the application process in the future
Guidance in the process of application for tax incentives and grants to other government grant programmes available for the business apart from PIC