The PIC is a scheme considering the R&D in its largest definition so many companies can benefit from it.
The PIC is a scheme considering the R&D in its largest definition so many companies can benefit from it. Qualifying R&D activities are not limited to fundamental research or projects done in a laboratory as businesses commonly think but can include many types of projects or tasks. Many businesses are not aware about this opportunity to save money and get cash from their past and current investments.
However, the identification of eligible R&D costs under the PIC scheme requires a real expertise and refers to the concept of innovation defined in the Oslo and Frascati manuals. That’s why our team is composed of experienced engineers, PhD’s, master degree in engineering and science’s holders.
A technical expertise is required to define which of your projects, sub-projects and part of projects are innovative. Moreover, a detailed project description following a pro forma model has to be submitted to the administration to justify expenses claimed superior to S$ 150,000.
Our team of experts and experience allow us to identify eligible costs incurred by your company under the qualifying R&D activity of the PIC. Then, we have the ability to write a strong technical file on your behalf to secure the expenses claimed through our 10+ years’ experience and our knowledge of the state of the art. Our experts are able to understand our technical projects and then synthesize them to provide the supporting report required by the administration.
«The perception of Research & Development is often misconceived and misleads many of our clients to overlook significant claims. The definition of R&D accepted by the local government covers specific features and is not restrained, unlike many think, to only fundamental research.
Hence, eligible R&D projects cover a wide range of projects from applied research to new product development. Even technical project undertaken by companies may include a part that be considered as R&D, therefore qualifying to enhanced tax deduction.
Managers who enquire for an assessment of their projects may be surprised than some of their projects may in fact be considered as R&D projects and benefit from significant tax credit. Not assessing your projects is taking the risk of missing opportunities to fully optimize the cost of your own investments.
As GAC consultant, we have the knowledge and experience to identify and qualify our clients’ projects, preparing all required justifying file, and securing the claims submitted to the local Administration.”