10 January 2012 – Singapore infocomm Technology Federation (SiTF) collaborated with infocomm Development Agency (iDA) to organize the Seminar on iSPRINT and Productivity and Innovation Credit for IT Vendors. The event took place at Mapletree Business City Auditorium. More than 60 participants have turned out for the seminar.
The first topic of the event was on iSPRINT funding scheme, which was presented by Mr. Ling Kerk Sheen from iDA. He shared with the audience about the different categories of funding and the application process. Basically, different funding schemes will be applied to SMEs depending on the impact of the IT solutions they are adopting.
If the solution is for business improvement, SMEs will be subsidized up to 50% of the adoption cost, with the cap of $1,500 for Pre-qualified Packaged Solutions, and $10,000 for All Customized Solution. SMEs can submit their proposal on the iDA website.
For Integrated Customized Solutions that have impact on SMEs’ business transformation process, the -funding will be evaluated on a case-by-case basis.
During the second half of the seminar, Mr. Toh Tze Hern from Inland Revenue Authority of Singapore (IRAS) presented about the Productivity and Innovation Credit scheme (PIC), which aims to encourage productivity and innovation among SMEs by providing them with huge tax savings from investing on six major activities:
- Purchase or lease of PIC automation equipment
- Training of employees
- Research and development
- Registration of intellectual property rights
- Acquisition of intellectual property rights
- Approved design project
SMEs who are eligible for the PIC scheme can claim for a tax deduction of up to 400% subject to the expenditure cap or elect for a cash payout of up to 30% of the expenditure (subject to the cap).
Further details on the PIC scheme and the application process can be found on the IRAS website.
The event ended successfully with a Q&A session that helped to clarified many queries from the audience.
To download the presentation slides, please follow this link.
To view event photo, please visit SiTF’s Facebook fan page – SITFSOCIAL.