The 7 Changes to PIC that You Must Know

Over the past few days, I poured over 20+ pages at IRAS website and managed to sniff out the 7 changes to this PIC (Productivity and Innovation Credit) Scheme. Know them and you'll be able to take advantage of them. If you are ignorant, you will lose out at least $375,000. The 7 Key Changes are:

PIC is now extended to 2017 (originally to end in 2014). This means that companies have more time to plan and take full advantage of this very general and generous scheme;
Cap for Tax Deduction claims are now increased from $400,000 to $600,000 a year, effective for years 2013 to 2017. This new scheme is called PIC +. For cash payout, the cap remains at $100,000 per year;
Website design and creation, including the registration of domain names, now qualify for IT claims, also effective for years 2013 to 2017. Note that Search Engine Optimization (SEOs) will also qualify for this if SEOs are done as part and parcel of website creation. This means that companies can invest in more mobile sites (apps) and websites to effectively market their business.
Training expenses incurred for related companies employees (not under your company's payroll) are also eligible for PIC claims, also effective 2013 to 2017. Also, examination fees where there is no training expense incurred, too qualify for PIC claims;
List of Automation Equipment is now extended to include landscaping equipment and covers for open-top containers
All IT and Automation Equipment claims under Hire Purchase (HP) need to follow the new HP Claim form. This effectively eradicates interest and other non-equipment claims.
As for the popular PIC Bonus of $15,000, there is no change and also no extension. This means that if you have already received the PIC Bonus, there is no more new PIC bonus to look forward to.

The PIC (Productivity and Innovation Credit) Scheme is an general and generous scheme from the government to give cash payouts or 3 times additional tax deductions to businesses that invest to innovate and up their productivity. The 8 types of expenditure eligible for PIC Claims are: Training, IT Solutions, IT Hardware, Software, Automation Equipment, R & D, Intellectual Property Rights and Singapore Design Council design projects. Businesses can get up to $60,000 a year from 2012 to 2017, or opt for 300% Tax Deduction from 2010 to 2017. On top of that, businesses will also automatically receive the PIC Bonus of $15,000 Cash if their PIC Claims exceed $5,000 in a year. To know more about what you can claim and what you cannot claim for PIC, visit here.

By Andy Ng, whose training on PIC and other sales and management topics have been featured in The Straits Times on 3 June 2013 page 20 (Money). Contact Andy at Whatsapp to 8201-4347 or email to him at andythecoach@gmail.com now. Related articles on training, management and business include:

If Not You, Who Else?

I learnt this very powerful 5-word phrase from Singapore's highest ever box-office movie ever: "Ah Boys to Men II". In one scene, the recruits were about to start their 3-day field camp. Their Officer-in-Command asked them, "Before we moved out, anybody not feeling well?" All the soldiers replied loudly, "No Sir!!!" "Gentlemen", continued the Officer, "Every time the training gets tougher, one thought comes to your mind, 'Why Must I Serve National Service?' "My answer to you is, 'If Not You, Then Who Else?'" Wow! What a powerful phrase! If Not You, Who Else may mean: You are the most suitable person, and we can't find anyone better than you. This is appreciation at the highest level How can you push this responsibility to someone else? I am making a request to you specifically, please don't reject my request Can you find me another person more suitable than you? Please refer me anot

Kindness as a Way of Life: How Kindness can Reward You 6 Times Over

Kindness as a Way of Life by Andy Ng Kindness is a universal language that transcends cultural boundaries, enriches human connections, and has the power to transform lives. It goes beyond mere acts of charity or random good deeds. To me, kindness, when practiced as a way of life, becomes a profound philosophy that can shape our interactions with others, the world around us, and even our own well-being. In this article, we will explore the multifaceted aspects of kindness as a way of life, touching on non-violent communication, the limitations of traditional charity, the potential harms of helping, the deliberate cultivation of kindness, and the incredible rewards it brings. 1. Non-Violent Communication Non-violent communication (NVC) is a key component of practicing kindness as a way of life. Developed by Marshall B. Rosenberg, NVC emphasizes empathetic communication that seeks to understand and connect with others on a deeper level. It encourages active listening, empath

New Age Mobile Numerology

Many people look at 'mobile number change luck' with skepticism, they say, how can just one simple mobile number change create so many changes in a person's life? Also, the mobile numbers are given to us by random by the telcos, how can our fate be assigned by the telcos at random? Besides, isn't it true that our lives and fates are determined by birth and what we do, how can a small mobile number, which is a modern invention, have any effect? How about people in the past without mobile numbers? You mean they don't have a life without mobile numbers, right? One more thing: you cannot just change your mobile number and expect your life to change. If this is so, wouldn't everybody be rich just by changing their mobile numbers? Finally, isn't this kind of fortune-telling thing more of psychology and blind faith than science? If so, how can we trust anything that is not proven and not science? Today let's resolve all these doubts and I welcome your co

Business and Money Tips

Search This Blog