Productivity and Innovation Credit (PIC)
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- Anastasia Cox
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1 Productivity and Innovation Credit (PIC) PRESENTATION BY INLAND REVENUE AUTHORITY OF SINGAPORE For more information, refer to Productivity and Innovation Credit e-tax Guide dated 29 June 2010 Agenda Overview of PIC Cash payout Claiming for PIC Expenditure qualifying for PIC Q&A 2 1
2 What is the scheme for? Encourage businesses to invest in productivity and innovation Who will it benefit? Overview of PIC All businesses, especially SMEs We will provide tax incentives for businesses in all sectors to invest in upgrading their operations and creating new value What the scheme covers Overview of PIC 1. Prescribed automation equipment 2. In-house and external training 3. Intellectual Property Rights ( IPR ) acquisition 4. Patents, trademarks, designs and plant variety registration 5. Research & Development ( R&D ) activities in Singapore 6. Design activities in Singapore 4 2
3 Overview of PIC 1. Enhanced deductions / allowances 2. Cash conversion option Enhanced deductions/ allowances Option to convert into cash Expenditure Existing deductions/ allowances 5 Benefits of PIC Before PIC Currently, businesses can typically deduct their expenses at cost i.e. 100% as part of the general tax regime. Tax Savings = $100,000 x 17% $100,000 $100,000 $17,000 EXPENDITURE DEDUCTIONS TAX SAVINGS With PIC Businesses can now enjoy 250% deduction on the cost of the same expenditure. $100,000 $250,000 $42,500 EXPENDITURE DEDUCTIONS Tax Savings = $250,000 x 17% TAX SAVINGS 6 3
4 Enhanced deductions / allowances All businesses can deduct from taxable income 250% of their first $300,000 spending for each of the 6 activities. Example: If spend $300,000 each on 6 activities, deduct up to $4.5 mil (250% x 6 x $300k). Design Automation Equipment R&D Year of Assessment 2011 to 2015 Training 250% up to $300k 250% up to $300k IP Registration IP Acquisition 250% up to $300k 250% up to $300k 250% up to $300k 250% up to $300k 7 Enhanced deductions / allowances Balance expenditure in excess of $300,000 will continue to enjoy deductions at current levels Example: Business spending on staff training = $400,000 $100,000 $300,000 EXPENDITURE TOTAL = $850,000 $100,000 (100% deduction) $750,000 (250% x $300,000) TAX DEDUCTIONS Current deduction value for staff training is 100% 8 4
5 Enhanced deductions / allowances Qualifying persons All businesses Qualifying period YA 2011 to YA 2015 Qualifying expenditure Net of grants and subsidies from Government (incl statutory boards) Capped at $300,000 per expenditure type per YA on sole-proprietor / partnership / company level YA 2011 & YA combined cap of $600,000 9 Enhanced deductions / allowances Example on individual and partnership cap: Individual A Individual A Individual B Business 1 Business 2 Business 3 Expenditure cap of $300,000 applies regardless of the number of businesses A has as a sole-proprietor Partnership Business A separate expenditure cap of $300,000 is applicable on the partnership 10 5
6 Enhanced deductions / allowances Example on company and partnership cap Company A Company A Company B Company A Company C Business Expenditure cap of $300,000 applies Partnership 1 Business Separate expenditure cap of $300,000 applies Partnership 2 Business Separate expenditure cap of $300,000 applies 11 Enhanced deductions / allowances Carry back to immediate preceding YA to set-off against business income Unutilised tax deductions or allowances* under PIC Transfer under Group Relief System / between spouses Carry forward to set-off against business income for future YAs * Subject to shareholding test and other relevant conditions under current rules 12 6
7 CASH PAYOUT PIC Cash Payout Conversion to cash payout Option to convert up to $300,000of tax deduction / allowance at a rate of 7%into a non-taxable cash payout of up to $21,000 each year $120,000 $300,000 ($120,000 x 250%) $21,000 convert up to $120,000 of expenditure making up $300,000 of total tax deduction / allowance into cash payout of up to $21,
8 Qualifying persons Sole-proprietors ( SP ), partnerships, companies (incl registered business trusts) Qualifying period YA 2011 to YA 2013 PIC Cash Payout Conditions incurred qualifying expenditure during accounting period; and employed at least 3 local employees (Singapore Citizens or Permanent Residents with CPF contributions in the last month of accounting period); and carrying on business operations. Note: Employees exclude sole-proprietors, partners under contract for service, shareholders who are also directors of companies 15 PIC Cash Payout Qualifying expenditure for cash payout Capped at $300,000 per YA on sole-proprietor / partnership / company level YA 2011 & YA combined cap of $600,
9 Cap on Expenditure cap qualifying expenditure for eachof the 6 expenditure types Cash payout cap allowances / deductions from all 6 expenditure types Applied at sole-proprietor (for all businesses) / partnership / company level YA (combined) YA2013 YA Capping of expenditure and cash payout $600,000 7% x $600,000 = $42,000 $300,000 per YA 7% x $300,000 = $21,000 NA $300,000 expenditure cap $180,000 $120,000 $450,000 $300,000 cash payout cap $300,000 $21,000 Expenditure Deductions / Allowances Cash payout 17 CLAIMING FOR PIC 9
10 How to Claim for PIC Claim enhanced deductions / allowances in income tax return for relevant YA OR Convert deductions / allowances into cash by submitting PIC Cash Payout Application Form after business accounting year-end but not later than filing due date of income tax returns: sole proprietors/partnerships by 15 April others: by 30 Nov Note: No prior approval is required other than for design projects 19 Apply for PIC Cash Payout Submit hardcopy original PIC Cash Payout Application Form and relevant annexes Cash Payout election is irrevocable Forms are available on Payment details 3 months from application receipt date Offsetagainst any tax arrears of business Credited to business / SP s GIRO account 20 10
11 Cash Payout Application Details Points to note Endorsed by authorised person* CPF Record of Payment for businesses with <= 10 employees Certified statement of accounts by filing due date Invoices / Certifications retained for IRAS verification * authorised person -for companies: company director or principal officer or a person authorised by company; for partnerships: precedent partner; for soleproprietorships: sole-proprietor. 21 Cash Payout Application Details 22 11
12 Cash Payout Application Details 23 Cash Payout Application Form 24 12
13 Recovery of Cash Payout Businesses that: Dispose of purchased automation equipment, IPR (registration costs claimed) within 1 year Lease out purchased automation equipment within 1 year Dispose of acquired IPR within 5 years (proportionate recovery) 1.Complete Disposal of Qualifying Assets Form to inform IRAS within 30 daysfrom date of lease/disposal; and 2.Repay cash payout within 30 daysfrom date of IRAS' Productivity & Innovation Cash Payout Recoverynotice Note: Late payment, late and non-disclosure penalties apply 25 Recovery of Cash Payout 26 13
14 EXPENDITURE QUALIFYING FOR PIC Prescribed Automation Equipment 28 14
15 Prescribed Automation Equipment Qualifying expenditure Purchase / Leasing of prescribed automation equipment listed in Income Tax (Automation Equipment) Rules 2004 Example: Purchase of office and graphics software, computers and laptops, automatic storage and retrieval system of warehouses, leasing of injection mould machines Single $300,000 cap on both purchase cost and lease payments Given on due claim Partial claim allowed on 1 equipment only so as to cap the total qualifying expenditure at $300, Prescribed Automation Equipment For purchased equipment, can elect to Claim 100% accelerated CA Claim over 3 years / 2 years (for YA 2011) / tax useful life Defer claim 30 15
16 Prescribed Automation Equipment Example on computing enhanced allowance for equipment purchased Equipment Cost A $150k B C D 330k 100k 80k (Note 1) 20k 350k Base CA 100% 250k $150k 100k 80k 20k Enhanced CA 150% on 1 st $300k 150k x 150% = $225k 100k x 150% = 50k x 150% = 150k 75k NA Total Allowances Total $375k 250k 155k 20k 800k Note 1: Portion of Equipment C that qualifies for enhanced allowance= $50k ($300k cap less cost of Equipment A & B) 31 Prescribed Automation Equipment Leasing of qualifying equipment No enhanced deduction for leasing of software Lessornot allowed to claim enhanced allowance or elect for cash conversion unless equipment is for own use Lessee cannot sublease equipment to another person 32 16
17 Prescribed Automation Equipment Operating lease Finance lease Finance lease treated as sale Existing Treatments (before YA 2011) With PIC (YA 2011 to YA 2015) Lessor Lessee Lessor Lessee 100% equipment cost 100% equipment cost N.A. 100% lease payment 100% lease payment (incl. finance charges) 100% equipment cost 100% equipment cost 100% equipment cost N.A. 250% lease payment 250% lease payment (incl. finance charges*) 250%equipment cost * Included as a concession 33 Prescribed Automation Equipment Cash conversion option Election made on per equipment basis Allowances in excess of conversion cap forfeited Hire purchase equipment with repayment schedule straddling over two or more basis periods do notqualify for cash conversion 34 17
18 Example on purchased equipment converted to cash If business decides to convert CA relating to Equipment A into cash, Prescribed Automation Equipment Cost Base CA 100% Enhanced CA 150% on 1 st $300k Cash payout = 7% x $300k = $21k Note: $75k (375k 300k) cannot be claimed as a deduction against business income Total A $150k $150k $225k $375k B 100k 100k 150k 250k C 80k 80k 75k 155k D 20k 20k NA 20k Subtotal: Less: Allowance converted into cash (Equipment A): Allowance forfeited (Equipment A): Net CA: 800k (300k) (75k) 425k 35 Example on purchased equipment converted to cash Alternatively, business may convert CA relating to Equipment B & D into cash, Equipment Equipment Prescribed Automation Equipment Cost Base CA Enhanced CA Total A $150k $150k $225k $375k B 100k 100k 150k 250k C 80k 80k 75k 155k D 20k 20k NA 20k Subtotal: Less: Allowance converted into cash (Equipment B&D): Net CA: 800k (270k) 530k Cash payout = 7% x $270,000 = $18,
19 Prescribed Automation Equipment Hire Purchase Example:If Equipment A was bought on hire purchase and principal repayments in the years ended 2012 and 2013 were $100k and $50k respectively, capital allowances will be: Equipment Cost Base CA Enhanced CA Total A $150k $150k $225k $375k Less: YA 2013 annual allowance (100k/150k x 375k) TWDV c/f 250k 125k Less: YA 2014 annual allowance (50k/150k x 375k) TWDV c/f 125k Equipment not eligible for cash conversion as repayments straddle over two basis periods Nil 37 Prescribed Automation Equipment Minimum ownership period Minimum 1-year ownership period for equipment purchased Claw-back provisions if equipment disposed/ leased within 1 year from date of purchase Base allowance Enhanced allowance ( EA ) Claimed CA on equipment Disposed of within 1 yr EA claimed deemed as incomein yr of disposal Remaining EA forfeited Compute BA/ BC Disposed of after1 yr Disposed of within1 yr Noclaw-back of EA Remaining EA allowed in yr of disposal Convert allowance into cash Recoveryof cash payout BA/ BC not applicable Disposed of after1 yr No recovery of cash payout BA/ BC not applicable 38 19
20 Example on claw-back of purchased equipment disposed Equipment A to D are disposed of within 1 year for $100k, $300k, $100k and $50k respectively. All equipment are fully written down. Prescribed Automation Equipment Cost Base CA Enhanced CA Total Sale Proceeds A $150k $150k $225k $375k $100k B 100k 100k 150k 250k 300k C 80k 80k 75k 155k 100k D 20k 20k NA 20k 50k Subtotal: Less: Allowance converted into cash (Equipment B & D) Net CA 800k (270k) 530k 39 Prescribed Automation Equipment Example on claw-back of purchased equipment disposed (cont d) Equipment Equipment Cost Base CA Enhanced CA Total Sale BC $100k Proceeds A $150k $150k $225k $375k $100k B 100k 100k 150k 250k Repay 300k C 80k 80k 75k 155k$18.9k 100k D 20k 20k NA 20k 50k BC $80k Equipment B & D: Company must notify IRAS of disposal and repay cash payout of $18,900. No need to compute balancing adjustments on Equipment B & D Equipment A: Balancing charge of $100k and enhanced allowance of $225k brought to tax in year of disposal Equipment C: Balancing charge of $80k (restricted to CA claimed) and enhanced allowance of $75k brought to tax in year of disposal 40 20
21 Prescribed Automation Equipment Summary Existing Measures (Before YA 2011) Enhancements under PIC (YA2011 to YA 2015) Qualifying costs Minimum ownership period Cash payout conversion basis Purchase Lease 100% accelerated CA 100% revenue deduction 250%CA / deduction onfirst $300,000 incurred on acquisition of automation equipment / qualifying lease payments; 100% on balance Cost of equipment (incl HP) 1 year from the date of purchase Per equipment 2 and capped at 7% of $300,000 Lease payments (except software) NA 1 NA 1 Equipment cannot be sub-leased within the same basis period of the YA 2 Qualifying equipment acquired on hire purchase with repayment schedule straddling over 2 or more basis periods will not qualify for cash conversion 41 In-house and external training 42 21
22 Training Qualifying expenditure in-house training In-house training conducted by employees Costs incurred in providing: Agency In-house trainer Course Singapore Workforce Development Agency Institute of Technical Education ( ITE ) Workforce Skills Qualification ( WSQ ) in-house training provider Approved Training Centre ( ATC ) Certified On-the-Job Training Centre ( COJTC ) Accredited WSQ training courses Approved ITE courses On-the-job training Note: Including any other in-house training courses that may be prescribed 43 Training Qualifying expenditure in-house training Includes Salaries and other remuneration (excluding directors fees) paid to in-house trainers for course delivery Rental of external training premises Meals and refreshments provided during the courses Training materials and stationery Excludes Salaries and other remuneration paid to inhouse trainers for otherduties including preparation of training materials Salaries and other remuneration paid to employees providing administrative support Absentee payroll Accommodation, travelling and transport expenses Overheads like imputed rental and utilities 44 22
23 Training Qualifying expenditure external training External training conducted by external training service provider Includes Course fees paid to any external training service provider E.g. registration orenrolment fees, examination fees, tuition fees and aptitude test fees Excludes Accommodation, travelling and transport expenses Overheads like imputed rental and utilities 45 Example on computing enhanced deduction for training Business incurred the following training expenses for accounting year ended 31 Mar 2012 (i.e. YA 2013) Training Date Training cost incurred Base deduction 100% 11 Nov 11 $200k $200k 22 Mar k 150k 350k YA 2013 Tax Computation Training Enhanced deduction 150% on 1 st $300k Adjusted Profit $500k Less: Enhanced deduction for training costs Chargeable income (before exempt amount) Total 200k x 150% = $300k $500k 100k x 150% = 150k (450k) 50k 450k 300k 800k 46 23
24 Training Example on computing enhanced deduction for training (Cont d) If business elects to convert $300k of the deductions into cash of $21k, Training Date Training cost incurred Base deduction 100% Enhanced deduction 150% on 1 st $300k Total 11 Nov 11 $200k $200k $300k $500k 22 Mar k 150k 150k 300k 350k 450k 800k Less: Deduction converted into cash Net deduction 300k 500k YA 2013 Tax Computation Adjusted Profit $500k Less: Enhanced deduction for training costs (450k) Add: Deduction converted into cash 300k Chargeable income (before exempt amount) 350k 47 Training Summary Existing Measures (Before YA 2011) Enhancements under PIC (YA2011 to YA 2015) Qualifying costs In-house 100% revenue deduction External 250% on first $300,000 of qualifying training costs; 100% on balance -Remuneration for course delivery -Rental -Refreshments -Training materials Course fees paid 48 24
25 Intellectual Property Rights Acquisition 49 Intellectual Property Rights Acquisition Qualifying expenditure Acquisition cost of patent, copyright, trademark, registered designs, geographical indication, layout design of integrated circuit, trade secret and information with commercial value, and plant variety* Example: Price paid to buy an overseas trademark to accelerate inroad into the offshore market * Plant variety included for period of 5 years from YA
26 Intellectual Property Rights Acquisition Legal and economic ownership of IPR Exclude EDB approved IPRs e.g. IPRs relating to media and digital entertainment contents approved for accelerated 2-year write-down Given on due claim Partial claim on 1 IPR only so as to cap the total qualifying expenditure at $300, Intellectual Property Rights Acquisition Conversion to cash payout Election on a per IPR basis Allowances in excess of the conversion cap will be forfeited Minimum ownership period of IPR Minimum 1-year ownership period Claw-back provisions if any of the following events occur within 5 years from date of acquisition IPRs come to an end without being subsequently revived Company/ partnership sells, transfers or assigns all or any part of those IPRs Company/ partnership permanently ceases to carry on the trade or business 52 26
27 Intellectual Property Rights Acquisition Claw-back provisions Base WDA Enhanced WDA Cash payout Event occurred within 1 year Event occurred within 2 to 5 years If sale price > TWDV, BC (capped at WDA granted previously) is brought to tax. If sale price < TWDV, BA not allowed. Enhanced WDA granted previously deemed as income in disposal year Balance forfeited Claw-back entire amount in disposal year No claw-back of enhanced WDA previously granted Balance forfeited Claw-back proportionately*in disposal year *Amount to claw back = [(5 -No. of full years for which the IPR was held) / 5] x cash payout Event occurred after 5 years Compute BC No claw-back No claw-back 53 Intellectual Property Rights Acquisition Example on claw-back of acquired IPR disposed Company acquired IPR for $1m on 1 Dec YA2013 YA2014 YA2015 YA2016 YA2017 Base WDA 200k 200k 200k 200k 200k Enhanced WDA* 90k 90k 90k 90k 90k *(300k x 150%)/ 5 years Company disposes IPR subsequently for $5m. If IPR is disposed in YA 2014 (< 1 yr holding), Balancing charge of $200k and enhanced allowance of $90k deemed as income If cash payout claimed instead, full cash payout of $21,000 recovered
28 Intellectual Property Rights Acquisition Example on claw-back of acquired IPR disposed (cont d) Company acquired IPR for $1m on 1 Dec YA2013 YA2014 YA2015 YA2016 YA2017 Base WDA 200k 200k 200k 200k 200k Enhanced WDA* 90k 90k 90k 90k 90k *(300k x 150%)/ 5 years Company disposes IPR subsequently for $5m. If IPR is disposed in YA 2016 (after 1 Dec 2015), Balancing charge of $600k imposed. No claw-back of enhanced allowance previously granted for YA 2013 to 2015 of $270k. Forfeit remaining enhanced allowance of $180k. If cash payout claimed, proportionate recovery: (5 3)/5 x 21,000 = $8, Intellectual Property Rights Acquisition Summary Existing Measures (Before YA 2011) Enhancements under PIC (YA2011 to YA 2015) Qualifying costs Ownership period Cash payout conversion basis 100%WDA over 5 years 250% WDA on first $300,000 incurred on acquisition of IPRs; 100% on balance Cost of IPR 1 year 1 from the date of acquisition Per IPR and capped at 7% of $300,000 1 Proportionate recovery is applicable if the acquired IPR is disposed within 2 5 complete years 56 28
29 Patents, Trademarks, Designs and Plant Variety Registration 57 Patents, Trademarks, Designs and Plant Variety Registration Qualifying expenditure Official fees paid to respective Registry (e.g. for filing application / registration) Professional fees for registration of IPRs Regardless of application outcome Example: Fees to IPOS for registering trademark or patent Legal and economic ownership of IPR Given on due claim Partial claim on 1 IPR only so as to cap the total qualifying expenditure at $300,
30 Patents, Trademarks, Designs and Plant Variety Registration Minimum ownership period of IPR Minimum 1-year ownership period of IPR for which registration cost claimed Claw-back provisions if: IPR; or application for registration; or grant of IPR; disposed of within 1 year from date of filing of application 59 Claw-back provision Cost Enhanced deduction Patents, Trademarks, Designs and Plant Variety Registration Disposed of within 1 yr Claim deduction Disposed of after 1 yr Lower of sale price ordeduction granted previously deemed as income in disposal year Deemed as income in disposal year No claw-back Convert deduction into cash Disposed of within 1 yr Full recovery Disposed of after 1yr No recovery 60 30
31 Patents, Trademarks, Designs and Plant Variety Registration Summary Existing Measures (Before YA 2011) Enhancements under PIC (YA2011 to YA 2015) Qualifying costs Ownership period Cash payout conversion basis 100% deduction on patenting costs incurred from 1 Jun 2003 to 31 May % on first $300,000 qualifying IP registration costs; 100% on balance Official fees paid to Registry and professional fees 1 year 1 from the date of filing Per filing and capped at 7% of $300,000 1 Even if filing is unsuccessful, IPR is still subject to 1 year ownership period 61 R&D Activities in Singapore 62 31
32 R&D Activities in Singapore What is Research & Development (Section 2 of Income Tax Act) any systematic, investigative and experimental study that involves novelty or technical risk carried out in the field of science or technology with the object of acquiring new knowledge or using the results of the study for the production or improvement of materials, devices, products, produce, or processes, but does not include 63 R&D Activities in Singapore What is Research & Development (Section 2 of Income Tax Act) Excludes: a)quality control or routine testing of materials, devices or products; b)research in the social sciences or the humanities; c) routine data collection; d)efficiency surveys or management studies; e)market research or sales promotion; f) routine modifications or changes to materials, devices, products, processes or production methods; g)cosmetic modifications or stylistic changes to materials, devices, products, processes or production methods; or h)development of a computer software that is not intended to be sold, rented, leased, licensed or hired to 2 or more persons who are not related parties (within the meaning of subsection (3)) to each other, and to the person who develops the software or on whose behalf the development of the software is undertaken 64 32
33 Qualifying expenditure R&D Activities in Singapore Staff costs (excluding directors fees) and consumables incurred on R&D carried out in Singapore which can be unrelated to trade / business 1. R&D conducted in-house 2. Outsourced R&D Fees paid to R&D organisation 60% deemed as staff costs and consumables; or actual % if > 60% of fees substantiated Example: Fees to R&D institute in Singapore to do R&D, salaries for your R&D personnel Note: Prescribed automation equipment allowed 1-year capital allowance claim 65 Existing R&D schemes From YA 2011, RISE and RDA will be phased out R&D tax allowance (RDA) Earn RDA R&D Activities in Singapore 50% of chargeable income up to $300,000 for each YA Utilise RDA or claim enhanced deduction under PIC R&D Incentive for Start-up Enterprises (RISE) Convert adjusted tax losses up to $225,000 into cash at 9% For loss making start-ups with >=$150,000 on qualifying R&D expenditure in Singapore a year Claims can still be made for YA 2009 and YA 2010 subject to existing conditions 66 33
34 R&D Activities in Singapore Summary Existing Measures (Before YA 2011) Enhancements under PIC (YA2011 to YA 2015) Qualifying costs 100% deduction on S14D R&D expenditure; 50%on S14DA qualifying expenditure incurred on R&D in Singapore which can be unrelated to trade or business 250% deduction on first $300,000 of qualifying S14DA R&D expenditure carried out in Singapore; 150% on balance Staff costs and consumables (if outsourced, 60% of invoiced costs) Note: If claim is made under PIC, business will not be able to claim further deduction under S14E in view of 200% cap on expenditure incurred. 67 Design activities in Singapore 68 34
35 Design activities in Singapore DesignSingapore Council (DSg) Administers the scheme; and approves design project Qualifying expenditure 1. Approved design activities conducted in-house Staff costs on qualified design professional 2. Outsourced design activities Payments to approveddesign service provider in respect of remuneration cost of qualified designers 60% deemed as staff costs; or actual % if > 60% of payments substantiated Example: Fees to engage external designer to create new product design (approved by Design Singapore). 69 Design activities in Singapore Qualifying conditions: Conduct a suite of design related activities Design activities are conducted in Singapore Resultant IP (design or patent) registered with Intellectual Property Office of Singapore ( IPOS ) Be the eventual owner of the registered design Project must be completed within 2 years (include registration of IP with IPOS) Details and application procedure available on DSg s website
36 Design activities in Singapore Summary Existing Measures (Before YA 2011) Enhancements under PIC (YA2011 to YA 2015) Qualifying costs 100% revenue deduction 250% on first $300,000 of qualifying design expenditure incurred on approved product and industrial design projects in Singapore; 100% on balance (where applicable) Approved designer costs (if outsourced, 60% of invoiced costs) 71 More Information Available at IRAS website FAQs, PIC Cash payout application form, e-tax guide, disposal of qualifying asset form Helpline: For companies: For Self-employed/partnership: (+65)
37 Question and Answer 73 37
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