Another Singapore Government Grant
What Is This Scheme For?
IDA partners the Inland Revenue Authority of Singapore (IRAS) to provide another government grant called the Accounting Software Assistance Scheme to assist businesses in improving their financial and book-keeping practices. This is applicable for 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.
What Does the Subsidy Cover?
Up to 50% of the cost of the accounting software and for costs related to installation/deployment and training on use of the software, capped at S$1,500 per SME.
How Do I Qualify?
Your business must meet the following criteria to qualify for the grant:
- All small and medium enterprises (SMEs) that are registered or incorporated in Singapore
- Your business qualifies as a SME if:
- 30% – 100% of your shareholding is local
- your group fixed assets are worth S$0 – S$15 million*
- you have 0 – 200 employees (for enterprises in the non-manufacturing sector)*
- Your business is GST-registered and will remain GST-registered for 12 months or more after submission of the application for the subsidy, subject to the GST legislation.
- Your business currently does not use any accounting software or system.
- Your business has not applied for, obtained, or will be obtaining any other tax/ financial assistance (i.e. subsidy/grant) for accounting software or systems.
- The accounting software must be listed in the IRAS’ Accounting Software Register.
*Computed on a group basis i.e. checking up to three levels for corporate shareholders holding 20% – 100% of the total shareholding in your company and one level down where your company owns 51% – 100% of shareholding in a subsidiary company
What Is The Validity Period?
1 July 2009 till 31 March 2012
Where Can I Get More Information?
Please contact us for more information or you can refer to the Accounting Software Assistance Scheme website.