Many businesses have benefited from this new scheme introduced in the recent Singapore Budget 2010. We have been helping our clients to claim very generous tax deductions, which is 400% of the cost incurred on qualifying activities or alternatively a cash payout of up to $30,000 per year.
For small business, the relevant qualifying activity will usually be expenses incurred on IT and Training. However, do make sure this are covered under approved list by IRAS, as all claims will be subject to approval.
Therefore, do take advantage of this scheme if your business have plans to upgrade its IT systems or sending their staffs for training! This scheme will end in 2014.