IRAS and IDA has recently announced that with effect from 1 Apr 2015, iSPRINT will no longer support Accounting software solutions. SMEs that meet the criteria can apply for other schemes such as IRAS’ Productivity and Innovation Credit (PIC).
It appears that the authorities are consolidating their incentives towards the PIC scheme. In a way, it will benefit businesses in that there is only one scheme available for them to apply.
Hopefully, the authorities can fine tune further the PIC scheme so it can benefit more small business owners. For example, it should relax the requirement to have 3 CPF contributions to include working directors and shareholders too. What we commonly see on the ground this are the people that requires the help most, not those mid size SMEs or MNCs.
Hopefully, the Government will finally hear us out and include this in the coming Budget in February 2015.