THE ELIGIBILITY AND METHODS OF CLAIMING IRAS PIC FOR THE INSURANCE AGENTS

The field of insurance is getting wider every day. More and more people are getting employed on a daily basis to become insurance agents. Insurance agents to claim IRAS PIC should be aware about the ins and outs of their field. PIC which stands for Productivity and Innovation Credit grant, is offered to the small scale businesses operating in Singapore. These grants are given for the betterment and advancement of those small scale organizations. The IRAS or the Inland Revenue Authority, prevalent in Singapore, handles the tax and revenue problems. It is a government institution.

The Eligibility Criteria Insurance agents to claim IRAS:

 There are some criteria which have to be fulfilled before this grant can be approved:

  • The agents must be properly trained and registered.
  • They must be knowledgeable about all the aspects of their field
  • Their work experience and their handling of critical situations.
  • They must follow all the procedures and submit the application for PIC.

The Procedure of Tax Deduction

Tax deductions can be done by submitting the claim form before the date of submission, by the 15th of April. The cash payouts are also easy to attain for the insurance agents. All they have to do is to visit the IRAS website and download the application form, from there and correctly fill up all the details before submission to the PIC at the right time.

The Additional Bonus Available Exclusively for the Insurance Agents

The insurance agents are eligible to enjoy another bonus which is for them exclusively. The insurance agents unlike the others do not have to file a separate application for the bonus. They get it alongside with the PIC. The IRAS calculate the bonus and thus, a separate form need not be filed. This additional bonus is paid along with the basic cash payout.

The Exceptions

It must be noted that equipments and certain other objects are not liable for tax deductions and cash layouts. Some of those articles and objects which cannot be claimed under the PIC are: furniture, vehicles, electronic gadgets and renovation expenses.

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