Productivity and Innovation Credit (PIC) from IRAS

The PIC scheme supports investments in Innovation and Productivity. Businesses can enjoy huge savings in the form of 60% Cash Payout and/or 400% Tax Deduction/ Allowances when they invest in any of these six productivity improvement activities:

• Acquisition or Leasing of PIC Information Technology (IT) and Automation Equipment;
• Training of Employees;
• Acquisition and In-licensing of Intellectual Property Rights;
• Registration of Patents, Trademarks, Designs and Plant Varieties;
• Research and Development Activities; and
• Design Projects Approved by the DesignSingapore Council.

The tax benefits under PIC are available from Years of Assessment (YAs) 2011 to 2015.

Investment in any of our software system falls under the “Acquisition or Leasing of PIC Information (IT) and Automation Equipment”.

This year Budget 2014 announced that PIC scheme has been extended for another 3 years to YA2018, your business may also enjoy a dollar-or-dollar matching cash bonus given on top of the existing 400% tax deductions/ allowances and/or 60% cash payout.

CPF Contribution and Allocation Rates from 1 January 2014

Customers who have signed up with us the maintenance fee for our AUXZOL PRS/2006 standard payroll software will receive free software upgrade and update version of CPF Contribution and Allocation Rates.

iSPRINT Funding for Customised Solutions from IDA

You can apply for iSPRINT funding if you are planning to implement a customise inforcomm solution to improve your business operation. This fund has several coverage and you can apply for PIC scheme on the balance amount not funded by ISPRINT. Do note that this funding is subject to the approval of IDA.

Levies & Quotas for Hiring Foreign Workers

The Foreign Worker Levy, commonly known as ‘levy’ is a pricing mechanism to regulate the number of Foreign Workers (including Foreign Domestic Workers) in Singapore. While they are not required to pay Central Provident Fund (CPF) contributions for Foreign Workers, employers are liable to pay monthly levies to hire employees who hold Work Permits or S Passes.