Good news for SME business owners! The Singapore government is putting in a lot of effort to encourage businesses to take the first step in adopting and implementing technology to improve business efficiency and productivity. They are now paying you to have a website! The 2 available schemes are PIC offered by IRAS, and ICV offered by Spring Singapore.
Enhancements announced in the 2014 Budget
The PIC grant is now extended to all types of websites, static, corporate, CMS, E-Commerce, etc. You may want to seriously consider revamping your website now to increase your branding and productivity.
PRODUCTIVITY & INNOVATION CREDIT (PIC) SCHEME
Offered by IRAS, websites are eligible for PIC and PIC Bonus. PIC Bonus will only be offered to end of this year, do not wait anymore, take advantage of the opportunity now!
- Your business can enjoy 400% tax deductions or 60% cash payout for investment in innovation and productivity improvements under the PIC scheme.
- The PIC Bonus gives businesses a dollar-for-dollar matching cash bonus for YAs 2013 to 2015 (meaning all work and costs have to be completed and incurred by Sep 2014. The last claim for this year has to be made by Oct 2014), subject to an overall cap of $15,000 for all 3 YAs combined.
- This is given on top of the existing 400% tax deductions or 60% cash payout under the PIC scheme. The PIC Bonus is taxable.
Who Can Apply?
Businesses eligibe for the PIC Bonus are sole-proprietors, partnerships and companies that have:
For more information on the PIC scheme, visit here.
INNOVATION & CAPABILITY VOUCHER (ICV)
Offered by Spring Singapore, each businesses can apply up to a maximum of 2 vouchers to implement solutions out the the available 8 vouchers. Each voucher is valued at $5,000. Businesses may apply with Spring to support the solution on a reimbursement basis. The reimbursement will be made directly to the business. All purchases must be made only after the indicated solutions/items have been approved in the application.
A website will fall under the category of “technical solutions”.
Applications will be approved between 2-5 days by Spring. The solution/items have to be purchased or completed within 6 months from approval. Claims and disbursements will be processed within 2-4 weeks upon submission of all required documents.
Who Can Apply?
For more information about the ICV scheme, visit here.