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Productivity Solutions Grant

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  • PSG will be enhanced to encourage enterprises to continue their digitalisation and productivity upgrading efforts
  • The maximum funding support level will be raised to 80% from 1 April 2020 to 31 December 2020
    • Online collaboration tools
    • Virtual meeting and telephony tools
    • Queue management systems
    • Temperature screening solutions
  • Who can apply?
    •  Business entities who meet the following criteria:
      • Registered and operating in Singapore
      • Purchase/lease/subscription of the IT solutions or equipment must be used in Singapore
      • (For selected solutions only) Have a minimum of 30% local shareholding
  • How to apply?
    • 3 steps:
      • Access the list of supportable solutions and identify relevant solutions that best suit your business needs.
      • For IT solutions: Get a quotation from the pre-approved vendor
      • For Equipment: Source for the equipment and get a quotation from the vendor
      • Submit an application on the Business Grants Portal (BGP)
      • * You will need to register for a CorpPass account to transact on the portal.
  • Pre-scoped IT Solutions
    • Please refer to https://govassist.gobusiness.gov.sg/productivity-solutions-grant/itsolution/others/
    • Solutions supported under the Productivity Solutions Grant are regularly reviewed. Do take note of the current support levels and grant caps
      •  Accounting Management and Human Resource Management System (HRMS)
      • Accounting Management and Sales Management System
      • Accounting Management, Customer Relationship Management (CRM) and Sales Management System
      • Accounting Management, Customer Relationship Management (CRM), Inventory Management and Sales Management System
      • Accounting Management, Inventory Management and Sales Management System
      • Customer Relationship Management (CRM)
      • Customer Relationship Management (CRM) and Sales Management System
      • Cyber Security - EndPoint Protection Platform
      • Cyber Security - Unified Threat Management
      • Document Management and Mobile Access System
      • EndPoint Protection Platform
      • Fleet Management System
      • Human Resource E-scheduling System
      • Human Resource Management System (HRMS)
      • Human Resource Shared Services (HRSS) Needs Analysis + HR Administrative Support & Payroll Processing via a HRMS
      • Human Resource Shared Services (HRSS) Recruitment/On-boarding
      • Inventory Management and Sales Management System
      • Inventory Management System
      • Managed Detection and Response
      • Remote Working - Online Collaboration Tools
      • Remote Working - Virtual Meeting Solution
      • Unified Threat Management
      • Video Analytics for Crowd Management
      • Visitor Management - Queue Management System
      • Visitor Management - Temperature Screening Solution

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Announced by our Prime Minister, Mr. Lee Hsien Loong on 03 April 2020 (Friday), as part of the Government’s stricter measures to “minimise physical contact” and keep the Covid-19 pandemic in check, our Singapore Office will be shut down temporarily from 07/04/2020 (Tuesday) to 04/05/2020 (Monday). 

We will try our best to have all correspondence via email & WhatsApp during this period and we sincerely apologies for any delay in replying.

Sorry for any inconvenience caused and thanks for your understanding.

Corporate Tax Filing Season 2020

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Corporate tax filing season 2020 for Singapore will be due very soon.

  • The deadline will be on 15 December 2020.
  • From YA2020, e-Filing of the Corporate Income Tax Returns (Form C-S/ C) is COMPULSORY for all companies.
  • However, in light of the COVID-19 situation, companies with financial years ending in Oct 2019 to Dec 2019, IRAS is prepared to grant a 1-month extension till 15 Jan 2021 to e-File the YA 2020 CIT Returns, on a case-by-case basis by submitting the form by 27 November 2020.
  • Key tax changes for YA2020:
    • A Corporate Income Tax Rebate of 25% of tax payable, capped at $15,000, will be granted for YA 2020
    • The Loss Carry-Back Relief has been enhanced for YA 2020. Companies may elect for either the current carry-back relief system or enhanced carry-back relief system for YA 2020
    • * From YA 2020, companies that qualify to file Form C-S and have an annual revenue of $200,000 or below have the option to file Form C-S (Lite), a simplified version of Form C-S.

We do provide tax computation and filing service. Please feel free to contact us at +65 – 6674 6674

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1 Deputy Prime Minister and Minister for Finance Heng Swee Keat delivered the Singapore Government’s Budget Statement for Financial Year 2020 in Parliament on Tue, 18 February 2020.

2 Budget 2020 is presented against a backdrop of the on-going COVID-19 outbreak, as well as broader uncertainties in the landscape.

3 There are also long-term structural shifts taking place around the world – a decline in support for globalisation, a shift in economic weight towards Asia, technological disruption, and an ageing population in many countries.

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Singapore National Day

On behalf of YCS, we wish Singapore Happy National Day.

Please be informed that our Singapore office will be closed on 10/08/2020 (Monday). Our business shall be resumed on 11/08/2020 (Tuesday).