Example of Qualifying Expenditure for Productivity Innovation Credit (PIC) Grant
Qualified companies can claim under PIC grant for Cloud Computing Services.
Sources: IRAS (http://www.iras.gov.sg/irasHome/page04.aspx?id=13838#Acquisition_or_Leasing_of_PIC_IT_and_Automation_Equipment)
Sources: IRAS (http://www.iras.gov.sg/irasHome/page04.aspx?id=13838#Acquisition_or_Leasing_of_PIC_IT_and_Automation_Equipment)
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Referring to Q16 of the FAQ:
16.Will expenditure incurred on cloud computing qualify for PIC? Yes, expenditure incurred on procuring cloud computing services will qualify for enhanced deduction for PIC purposes. Notwithstanding the above, as payments for cloud computing are payments for services, withholding tax would apply if such payments are made to non-residents for services rendered in Singapore. 17.Do I need to give a breakdown of the cloud computing payment? No. The full cloud computing payment will qualify for PIC. |