For Immediate Release
SPRING Singapore and Inland Revenue Authority of Singapore Joint Release
Tuesday, 5 April 2011
Media Release: NR/06/2011
Productivity and Innovation Credit:
Free Consultation Clinics for SMEs from 13 April
1. Small and medium enterprises (SMEs) in Singapore needing help to apply for the Productivity and Innovation Credit (PIC) will be able to attend free clinics to get advice from the Enterprise Development Centres (EDCs) and the Inland Revenue Authority of Singapore (IRAS) from 13 April 2011.
2. Introduced last year, the PIC provides businesses with tax benefits for investing in a broad range of productivity improvement and innovation activities.
3. The free clinics, which are jointly organised by the EDCs and supported by IRAS and SPRING Singapore, are timely as SMEs will begin tax filing soon.
4. The half-day clinics will be held once a week for three months, from April to June 2011, at the five EDCs located at the Association of Small and Medium Enterprises, the Singapore Manufacturers’ Federation (SMa), the Singapore Chinese Chamber of Commerce and Industry, the Singapore Indian Chamber of Commerce and Industry and the Singapore Malay Chamber of Commerce and Industry. Tax officers from IRAS and EDC advisors will provide one-to-one consultation for each SME. The EDCs, IRAS and SPRING hope to reach out to at least 150 SMEs. If response is good, more clinics will be organised after the initial three-month period.
5. At the one-to-one consultation sessions, SMEs will:
· Find out the tax benefits of PIC
· Be familiar with the various options – cash payout, tax deduction
· Be assessed on whether their productivity and innovation expenditure qualify for tax benefits under PIC. The six areas covered under PIC are:
i. Purchase/Lease of Prescribed Automation Equipment (e.g. laptops and computers)
ii. Training of Employees
iii. Acquisition of Intellectual Property (e.g. Trademarks and Patents)
iv. Registration of Intellectual Property (e.g. fees paid to IPOS for registering trademarks or patents)
v. Research & Development
vi. Approved Design Projects
6. The first clinic will be held at the EDC@SMa on 13 April 2011. SMEs interested in signing up for this and subsequent free consultation sessions can register online at http://productivity.enterpriseone.gov.sg/pic-clinic
---End of Media Release---
About SPRING Singapore
SPRING Singapore is the enterprise development agency responsible for helping Singapore enterprises grow. We work with partners to help enterprises in financing, capability and management development, technology and innovation, and accessing new markets. As the national standards and accreditation body, SPRING develops and promotes an internationally-recognised standards and quality assurance infrastructure that builds trust in Singapore enterprises, products and services, thereby enabling their global competitiveness and facilitating global trade.
Please visit www.spring.gov.sg for more information and news about SPRING Singapore.
About Inland Revenue Authority of Singapore
The Inland Revenue Authority of Singapore (IRAS) acts as an agent of the Government to administer, assess, collect and enforce the payment of taxes. It also advises the Government and represents Singapore internationally on matters relating to taxation. As a partner of taxpayers in nation-building and economic development, it facilitates economic growth by ensuring that Singapore has a competitive tax system which encourages and rewards enterprise.
Please visit www.iras.gov.sg for more information and news about IRAS.
For media enquiries, please contact:
Ms Marion Abraham
Senior Manager, Corporate Communications
SPRING
Direct: 6279 3617
MP: 9750 2903
E-mail: marion_abraham@spring.gov.sg
Ms Deanna Choo
Director, Corporate Communications
IRAS
Direct: 6351 2090
MP: 9386 2844
E-mail: deannachoo@iras.gov.sg