All Singapore companies who have subscribed to Hoiio’s Main Line, Direct Line and Fax can now claim tax deductions and/or allowance and cash payouts under the Productivity and Innovation Credit by IRAS. Hoiio’s cloud communication services fall under the Acquisition and Leasing of PIC IT and Automation Equipment activity category
Till date, many have benefited from Hoiio’s flexible cost structures and instant set-up process. We are glad that the Singapore government actively supports local companies that want to improve their work productivity.
According to the scheme,
“Businesses can enjoy 400% tax deduction/allowances on up to $400,000 of their expenditure per year in each of the six qualifying activities, instead of the 100% deduction/allowances under the existing tax rules” and “convert up to $100,000 of their total expenditure in all the six qualifying activities into a non-taxable cash payout.”
For more information, please visit http://www.iras.gov.sg/irasHome/page04.aspx?id=10572.
[Update: 30/08/2013]: PIC goes back to the accounting year 2010 and last till 2014. Be sure to get your cash payout for the past years too.
[Update: 28/04/2014]: SpiderGate is also PIC claimable.