20 May 2013
The Inland Revenue Authority of Singapore (IRAS) has highlighted several common mistakes made by some Productivity and Innovation Credit (PIC) consultants, ie:
- Submitting incomplete PIC cash payout application forms
- Claiming both PIC cash payout and 400% tax deduction on the same PIC expenditure
- Claiming for expenditure on equipment that does not fall under the PIC IT and Automation Equipment List
- Claiming for non-qualifying expenditure
- Insufficient records to substantiate claims.
Businesses are recommended to obtain their PIC consultants’ advice in writing and to verify the accuracy of the information in the application form prior to submission.
Source: Inland Revenue Authority of Singapore (IRAS)