Singapore SME tax incentives for busy entrepreneurs

Recently, the Singapore Parliament has passed some Singapore tax amendments to the Income Tax Bill. The changes, which were announced in the 2011 Budget statement earlier this year, were finally approved, spelling good news to Singapore subsidiaries, SMEs and Singapore branches. Hence, all businesses based in Singapore, especially SMEs, need to be aware of the following top three tax incentives they are entitled to before filing their YA (year of assessment) 2011 tax returns.

 

1. The Productivity and Innovation Credit (PIC)

The Productivity and Innovation Credit (PIC) was introduced during the 2010 Budget. The tax scheme is open to all Singapore businesses that have invested in six types of activities along the innovation value chain namely:

 

• Research and development activities;
• Staff training;
• Acquisition of Intellectual Property Rights (IPR);
• Registration of patents, trademarks, designs and plant varieties;
• Acquisition or leasing of PIC Automation Equipment and
• Investment in approved design projects.

 

To read the full article, please visit: http://www.guidemesingapore.com/blog-post/entrepreneurship/singapore-sme-tax-incentives-for-busy-entrepreneurs