Businesses in Singapore can now enjoy up to 400% tax deductions, plus 60% cash payout for investing in productivity and innovation activities. Procurement or rental of PIC IT and Automation Equipment is one of the Qualifying PIC Investments.
400% Tax Deduction
For YA 2011 until 2015, businesses in Singapore can now enjoy up to 400% tax deduction, 4x more compared to the 100% tax deduction stipulated in the existing tax rules.
Cash Payout Option
Companies can opt to convert a total of $100,000 of their total expenditure in the 6 qualifying Singapore budget 2013 PIC grant activities into cash payout.
Businesses that can opt for cash payout are proprietorships, partnerships, and companies that have: active business operations, have incurred qualifying expenditure, and have at least three local employees. These employees must have Singaporean citizenship or PRs with CPF contributions on their payrolls.