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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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