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Accounting
Software Assistance Scheme
Accounting software is a tool to
assist businesses to improve their financial and book-keeping
practices. From 1 July 2009 till 31 March 2012, you can apply for a
grant to defray the costs of using accounting software that complies
with the Inland Revenue Authority of Singapore's (IRAS) e-Tax Guide.
IDA partners IRAS in this scheme to assist SMEs that are registered for
Goods-and-Services Tax (GST), to purchase and put into use the
accounting software listed in the IRAS Accounting Software Register.
Scope of scheme
The assistance scheme defrays up to
50% of the qualifying costs of the following items, capped at S$1,500
per SME:
Accounting software listed in IRAS Accounting Software Register
Installation/deployment of the accounting
software, and
Training on the use of the accounting software.
The grant is on a reimbursement basis
in which you will have to incur the costs and submit the necessary
invoices and documents to IDA for the costs to be reimbursed.
How to qualify and apply?
1.
Your business must be registered or incorporated
in Singapore with:
o
At least 30% local shareholding;
o
Group fixed assets worth less than S$15 million*;
and
o
Group employment of less than 200 employees* (for
companies in the services sector)
2.
Your business is GST-registered and will remain
GST-registered for 12 months or more after your application for this
assistance scheme. For information on getting your business
registered for GST, you can refer to the IRAS website to find out the pre-requisites and
process for GST registration.
3.
Your business has not applied for or obtained or
will be obtaining any other financial assistance (i.e. subsidy/ grant)
for purchase or use of accounting software, including SPRING
Singapore’s GST Assistance Scheme which ran from 1 March 2007 to 30
June 2009.
Businesses
that are interested in the scheme need to submit an application form
and wait for reply before proceeding to purchase the accounting
software. To apply for the subsidy, please contact us for more
information.
* Computed on a group basis i.e.
checking up to three levels for corporate shareholders holding 20% or
more of the total shareholding in the company and one level down where
the company holds more than 50% of the shareholding in a subsidiary
company.
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