How to Make the Most of IRAS PIC Claim by Implementing an ERP System?
You’ve been living under a rock, you’ve heard so much about grants that the Singapore government offered to registered business entities in the country. Government agencies have been providing grant schemes to skyrocket the efficiency of different industries by using technology and other innovative resources.
The IRAS Productivity & Innovation Credit (PIC) Scheme has been implemented to encourage businesses in Singapore to enhance their innovation and improve productivity through investing in 6 qualifying activities. ERP Software is one of that which is categorized under the Acquisition and Leasing of PIC IT and Automation Equipment. Through IRAS PIC Claim, businesses can claim 400% Tax Deduction from taxable income expenditure per year and/or 60% cash payout capped at $100,000.00 expenditure from the Years of Assessment (YAs) 2013 to 2018.
Apart from IRAS PIC Scheme, depending on the company’s industry or nature of the business, there is IDA iSprint or BCA PIP grant available for application before the net figure can proceed with PIC Tax Deduction. For construction-related companies, BCA PIP grant supports 50% of the qualifying cost or up to $100,000.00 generally.
But let’s get back to the real thing, how can you make the most out of IRAS PIC Claim by implementing an ERP?
Enterprise Resource Planning (ERP) has been developed to simplify and automate the complex operations of any organization – wherein data is shared between all departments. ERP Software improves data quality, logistics, procurement and inventory reduction by automating business processes; thus results in effectiveness and better decision-making. When properly implemented, ERP System would consequently drop/save costs, eliminate delays and boost productivity.
As mentioned in our previous newsletter, we’re in a fast-paced world which demands speed and efficiency. Therefore, investing in software automation would highly help any business keep up with the competition. See more benefits of ERP Software here.
If you think about implementing ERP System on your company and take advantage of government grants, feel free to shot us an email at firstname.lastname@example.org or give us a ring at +65-6664-3030 for further assistance.