Companies in Singapore are increasingly utilising the Productivity and Innovation Credit (PIC). Introduced in 2010, PIC scheme aims to support companies to adopt technology and automation in a move to reduce reliance on manpower and gearing the company towards an innovation driven economy. Since its launch, companies have benefited from tax savings and cash payouts. The number of companies benefitting from the scheme has also increased. However akin to this is also the increase number of false claim cases, where unethical business owners attempt to ‘abuse’ the provisions of the scheme to claim cash payouts or enjoy tax exemptions.
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Most newly form SMEs may from time to time experience difficulties such as manpower shortage, rising costs and inefficiencies. Read on to find out more on some of the must-know business schemes designed to help you transform your business Singapore’s Minister for Finance, Mr Heng Swee Keat has delivered his first Budget Statement, as well as the first Budget of the current term of government. This Budget 2016 comes at an important moment in Singapore’s development as it sets the direction towards SG100 and beyond. It also includes measures to ensure that risks are mitigated if not eliminated.
Singapore’s upcoming Budget 2016 is very much anticipated with heightened interest. This is because, for one, it is the first budget addressed by new Finance Minister Mr. Heng Swee Keat, and the other for being the budget that will launch Singapore into the preeminent phase of economic growth and development to steer ahead towards the next 50 years.
Generally analysts predict Budget 2016 to be more neutral as compared to last year’s Jubilee budget, however remaining accommodative in order to help ease the strain of the economic slowdown. Some business federations and organizations such as the Singapore International Chambers of Commerce (SICC) and the Singapore Chinese Chambers of Commerce and Industry (SCCCI) have made their recommendations. Do not fret if you have not managed to view or read some of the recommendations, as we will give you a sneak into Budget 2016 based on recommendations we’ve seen. Most of us already know that Singapore is the best place to do business. Reasons include:
Indeed Singapore’s regulatory framework and pro-business polices are adapted to meet the needs of investors and businesses, and they are constantly being reviewed to remain relevant, in today’s knowledge-based and technology-driven economy. |