IRAS PIC Grant scheme, a Huge Boost for Small Logistics Companies

The Inland Revenue Authority of Singapore (IRAS) has imposed a new scheme known as the Production and Innovation Credit (PIC) for the benefit of logistics companies in Singapore. For several years IRAS was planning strategies for the logistics department to be on par with international companies from Japan and China, so they came up with PIC.

The different ways PIC Grant can benefit logistics companies are listed below:

Funds for automatic machines

The PIC scheme has been very beneficial for logistics companies as they can purchase automated machines and devices. The entire loan is covered by the IRAS PIC Grant. As a result, companies can reach higher levels with higher production and returns. Automated machines also reduce the cost of extra labor and the job can be completed in less time. Productivity increases with consequent higher profits thus competing on the international market.

Financial opinion

IRAS experts also help these companies come up with efficient strategies to improve their productivity. IRAS’s highly educated panel has a lot of experience when it comes to managing a company’s financial growth. In most cases, the managers of these logistics companies are not well used to the strategies for adapting to international standards. Proper analysis by the IRAS experts will ultimately lead to more sales and improve the quality of their service.

Fiscal detraction

Logistics companies are a huge mistake when it comes to paying taxes. The tax continues to rise and eventually companies have to pay a large sum compromising their profit. So IRAS enters the scenario and helps these companies set various plans to solve taxation related issues. In several cases, tax deductions of up to 400% may be envisaged. This will help companies deliver their services at a cheaper price to beat competitors.

The cash payment option

Growing small businesses are the ones that can benefit enormously from this cash payment option. To help these companies the Singapore government has come up with many strategies so that they can reach the heights of large companies. With the cash payment option, companies in financial difficulty can invest in modern equipment and improve their standards. การพนันที่ดีที่สุด

Productivity together with the improvement of logistics companies

The PIC Grant, 2014 offers productivity with business improvement all at the same time. There are some regulations and to be eligible, these companies need to invest in different areas of the Singapore economy. Ultimately this will benefit the logistics companies but, at the same time, the government is doing its part.

The PIC Scheme is a business incentive initiated by the Singapore government in 2010 to persuade businesses to enhance their capabilities and improve competitiveness by adopting various qualifying activities that facilitate innovation and improve productivity. It is critical for companies to generate value through innovation, increase productivity, and invest in staff training and technology in order to maintain

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