Did you know? You can actually apply for a grant from the Singapore government when you purchase any of our products that fall under the qualifying categories. Here is how it works:
PIC Cash Payout
The PIC Cash Payout is the most popular choice for small and medium businesses where the payout rate is 60%* of the total expenditure incurred for each Year of Assessment (YA) (2013-2015 / 2016-2018). To be eligible for the cash payout (non-taxable), you must meet the following:
- Incurred qualifying expenditure of up to $100,000 maximum (minimum $400 for each application) during the basis year of the qualifying YA
- Active business operations in Singapore; and
- At least 3 local employees (Singapore citizens or Singapore permanent residents with CPF contributions) excluding sole-proprietors, partners under contract for service and shareholders who are directors of the company. A business is considered to have met the 3-local-employees condition if it contributes CPF on the payroll of at least 3 local employees in the relevant months of the YA
*UPDATE: The PIC Cash Payout will be reduced from 60% to 40% with effect from 1 August 2016.
Other Available Grants
Not qualified for the PIC grants? No worries! Here are a list of other grants that you can seek from Spring Singapore:
All information presented here are summarized and are accurately based on the latest information presented by IRAS (www.iras.gov.sg) and Sring Singapore (http://www.spring.gov.sg/) on 1 Oct 2014. IRAS and Spring Singapore may change the terms and conditions stated here, in which Singapore Machinery Co. Pte. Ltd. shall bear no responsibility or liability. We advice all Singapore-based businesses to make an informed decision before making a purchase. Grants stated here are applicable to Singapore-based businesses only.