The IRAS Productivity and Innovation Credit is a government scheme aimed at motivating businesses to adopt new technology.
Under this scheme, IRAS is giving businesses a 400% tax deduction on qualifying activities which includes the purchase of eligible IT products and services. The tax benefits under PIC are available until the end of fiscal year 2015.
iSPRINT - Get assistance of up to 70% of qualifying costs of your infocomm project to improve or innovate your business operations.
To help small, medium enterprises (SMEs) invest in infocomm technology, the S$25 million iSPRINT scheme has been launched by Infocomm Development Authority of Singapore (IDA). S$5 million from the fund will come from the Inland Revenue Authority of Singapore (IRAS), while the other S$20 million will be contributed by SPRING Singapore.