GAC Group: Innovation News

GAC Group is an international consulting firm with expertise in R&D tax credits, innovation financing and international development.

You will find out below some information about opportunities to improve your access to public funding in Singapore, and a few tips to help you finance your innovation.

We wish you a pleasant reading!

PIC SCHEME

Enhanced tax deduction: it is time to prepare your claims!

Businesses claiming PIC enhanced tax deductions in their Income Tax Return will have until the end of November 2015 to submit their declaration via paper filing of Form C or C-S. Eligible businesses filling a Form C-S online will benefit from an extension of time until mid-December 2015. With less than one month left, get in touch with us and let us help you maximize and secure your PIC enhanced tax deductions now!

New online claim process for Cash Payout

To reduce processing time, IRAS has launched the PIC cash payout e-Services which allows applicants to e-file, check the status and view the notices of their PIC Cash Payout applications. It automates the processing of those applications (IRAS Annual Report 2014-2015).

PUBLIC FUNDING IN SINGAPORE

Capability Development Grant

The Capability Development Grant (CDG) from SPRING Singapore is a financial assistance programme that helps local SMEs develop capabilities across 10 development areas, ranging from:

• Brand & Marketing strategy Development,

• Business Excellence,

• Business Strategy Innovation,

• Enhancing Quality & Standards,

• Financial Management,

• Human Capital Development,

• Intellectual Property & franchising,

• Productivity & Improvement,

• Service Excellence, and

• Technology Innovation.

The grant defrays up to 70% of qualifying project costs such as consultancy, training, certification and equipment costs. It would allow companies to take on large scale upgrading projects in areas like increasing productivity, process improvement, product development and market access.

GAC EXPERTISE

Technical teams salaries claims

We have recently claimed several CMS and system projects for HR, Stock and Client data management within technology-oriented companies. We can assist you to claim in-house salaries and/or outsourced technical projects (in Singapore or abroad) related to the management of such data and a range of other IT developments you may carry out for the purpose of your business.

Internal trainings claims

Most of the taxpayers are claiming external trainings as it is straightforward and based on invoices. Do you know that you can also claim internal trainings?

When you have an in-house employee training other employees of your company, you are entitled to claim the salaries of the trainer for the time spent on delivering the training. There is a cap at 10,000 SGD if the trainer has no certification with WDA or ITE. GAC Group can work with you to prepare those claims in line with IRAS rules and regulations.

GLOBAL NEWS AND EVENTS

PIC Talk during the French-Singapore Innovation Days

GAC Group will give a talk about the PIC Scheme during the 6th French-Singapore Innovation Days from 11th to 13th November 2015. This 6th edition of the FSID will focus on 3 main topics: Internet Of Things (IOT), Machine to Machine (M2M) and Robotic.

Competitiveness and Innovation rankings

The recent Global Competitiveness Report 2014-2015 by the World Economic Forum is a comprehensive assessment of national competitiveness worldwide. Competitiveness, defined as the set of institutions, polices and factors that determine the overall productivity of a country are captured in 12 aspects which compose the Global Competiveness Index. Singapore is the 2nd most competitive economy in the world just after Switzerland.