Claiming Productivity and Innovation Credit (PIC)
If you are interested in reaping all the benefits this scheme has to offer, then you should have a very clear idea in mind about what you will do. At the end of your accounting year, make sure that you get all the necessary forms and to complete them, and submit them before your company’s income tax return. You can also opt for a cash payout within this deadline, so do make sure to consider everything.
Before even gathering your paperwork, do make sure that everything is in order. Singapore may create the perfect environment for entrepreneurs, but it does not tolerate fake claims, especially when it comes to the PIC. Do be 100% certain that everything is in order, to maximize your chances at success and be ready to start feeling for yourself how great doing business in Singapore can be.
Easy, hassle-free, and very advantageous for you as a company owner, the PIC may just be the thing people doing business in other countries out there only dream of. Things such as this scheme make Singapore so well appreciated by the entire business world and once you will start reaping the benefits as well, you will understand why this country is so much loved by businessmen.
How to Claim the Productivity and Innovation Credit (PIC) benefits?
Everything business-related in Singapore has been made to be as “friendly” as popular for the entrepreneurs and that includes as little bureaucracy as possible. All you will have to do is submit a PIC Cash Payout Application form and a Hire-Purchase Template to IRAS. Do remember that this paperwork should prove your activity in the Productivity and Innovation fields for the years 2013 to 2018.
Click on the links below to download the: