PIC grants are only available till end of this year, so if you are planning to claim, please do so ASAP.
Get 60% cash rebate off your Second CRM software costs with Productivity and Innovation Credit (PIC)
Second CRM software solutions are one of the claimable items under the Productivity and Innovation Credit (PIC) grant approved by IRAS. Clutch this opportunity to experience the benefits of Second CRM software.
With this grant not only do you get to run your business better using a well-recognised software in the market but you are also able to get your purchase cost reduced to ease the initial investment.
* Applicable only for SG registered companies.
Productivity and Innovation Credit (PIC)The Inland Revenue Authority of Singapore (IRAS) provides local companies a generous subsidy for the purchase of qualifying equipment and software that can help improve business productivity and enhance innovation. Companies can choose between three types of subsidy (shown below):
- 60% Cash Payout Option
- 400% Tax Deduction/Allowances
- Tax Deferral Option
Most small local companies will find the Cash Payout option attractive, since the subsidy is in the form of cash rebate. However, for the larger companies, the 400% tax deduction option or the tax deferral option may be more attractive.
What is the PIC grant?
The PIC Grant is provided by IRAS to help companies improve on productivity and innovation. It encourages businesses to make use of technology to improve business operations and hence cut down on manpower costs.
Who is eligible for PIC grant?
- SME registered in Singapore with at least 30% local shareholding; AND
- Company’s group annual sales turnover not more than S$100 million; OR
- Company’s Group employment size not more than 200 workers
- And with at least 3 CPF paying employees (who are not directors & shareholders of the company).
For complete eligibility criteria, visit IRAS website
How long does it take to receive the grant?
About three months upon submission.
Full details of the PIC grant is available at IRAS website.