Company description
Hi, Im Teo Pin from Singapore, Consultant at PIC-CLAIM.COM.SG
The IRAS has made every effort to ensure that the process for grant application is as simple and straightforward as possible. However, there are a number of specific areas that may prove to be technical for people not familiar with the application procedure, which ultimately may cause a company to make mistakes that could result denials due to minor errors, or even cases of unknowingly committing fraud. At PIC claim Singapore we help businesses to adhere to these rules and principals- enhancing their chances to get approval of grants. For instance, here are a few small points that may disqualify your business from benefitting through the PIC scheme:
Handing in an incomplete application form e.g. an unsigned form.
Submitting claims for both cash payout and tax deduction on the same expenditure.
Submitting claims for expenditure on equipment not listed as approved without having obtained case-by-case approval first.
Claiming PIC for expenditure that does not qualify, e.g. warranty or maintenance and installation fees on IT related equipment.
Submitting claims not backed by all the required documentation, or being unable to produce documents to substantiate information on claims when they are asked for.
Claiming 400% additional tax deductions on qualifying expenditure – the old law before PIC came into force allowed for 100% tax deductions, which means that PIC gives a 300% additional tax deduction, or 400% total tax deduction. Claiming 400% additional tax deductions would be requesting for 500%, rather than the required 400%.
