We have successfully claim our very first PIC cash payout!
Ascelade recently received our first PIC claim from IRIS! What is PIC all about?
PIC is a short form of “Productivity and Innovation Credit”. It is where our Singapore government gives a certain amount of money (for productivity and innovation only) for our local SMEs yearly. As of now, the maximum a Singapore registered business can claim up to $100,000 in the business financial year. 60% of the claim will be reimburse back to the company within the financial year. Click here to find out more.
How much did Ascelade receive?
We are able to claim over $14,000 of equipment and training from IRAS, plus thePIC bonus. You can see that Ascelade did not received a lot of claims, as we did not purchase a lot of equipment and did not attend lots of training. If we had done so, we would have received much more than this. So, if your business is looking to purchase some machineries which can increase productivity within the company, do make use of our Singapore government’s generosity which seeks to help local SMEs to succeed.
The PIC scheme starts from 2011 to 2015 years of assessments, meaning to say that next year is the last year to apply for the claim.
Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said firm action will be taken against fraudulent claims under the PIC scheme. Credit: Channel NewsAsia
I have heard some companies or some individuals making use of the PIC scheme to make money. They do this by setting up new companies and claiming for the purchased equipment. The worst thing is that there is no business transactions, only purchased transactions within these new companies. IRAS has step in, rejecting claims that are not accountable.You can read here on “Firm action to be taken against fraudulent PIC claims: Tharman“. (Source: http://www.channelnewsasia.com/news/singapore/govt-to-take-firm-action/879228.html)
If you want to successfully claim PIC without any issues from IRAS, then yourbusiness MUST be accountable and ethical in operations. Do not be misled by consultants that you can claim almost everything, or even suggest opening new companies without any business operations so you can claim from the IRAS. Once found guilty of fraudulent PIC claims, the company will be charged.
Ascelade do not consult on PIC claims, but we give advice to our clients on what can and cannot be claim. Do note that most of our services are not PIC claimable.
Cyrus Yung has been generating sales & marketing leads through Pay-Per-Click marketing via Google AdWords, Yahoo Search Marketing & Bing since 2008. He used to be a naval diver before he left to join one of Asia’s largest seminar organizer company in 2006. Having worked and organized some of the largest seminars in Singapore, he left in 2008 to pursue his passion for internet entrepreneurship. With a proven track record of generating more than 20,000 qualified sales leads from 2008 to 2012, he helps companies in Singapore to build various online properties with high traffic & converting sales.
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