Accounting software is a helpful tool to assist businesses to improve their record keeping practices and tax compliance. To encourage businesses to use accounting software, IRAS has partnered Infocomm Development Authority of Singapore (IDA) to provide a subsidy scheme. From 1 Jul 2009 till 31 Mar 2012, GST-registered businesses can apply to IDA for a grant to defray the costs of purchasing accounting software that are listed in the IRAS’ Accounting Software Register.
GST-registered businesses which qualify under this scheme will receive a subsidy of up to 50% of the cost of the accounting software and for costs related to installation/deployment and training on use of the software, up to a maximum of S$1,500.
Businesses that wish to apply for assistance under this scheme must meet the following conditions:
1. The business is registered or incorporated in Singapore with
a. Local equity/shareholding of at least 30%
b. Group fixed assets worth less than S$15 million*
c. Staff strength of not more than 200 employees* (for companies in the services/non-manufacturing sector)
2. The 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
3. The business is currently not using any accounting software or system, and the business has not applied for, obtained, or will be obtaining any other tax/financial assistance (i.e. subsidy/grant) for software performing the same function.
4. The accounting software must be listed in the IRAS’ Accounting Software Register.
5. The business must email a copy of the IRAS Audit File (IAF) generated by the accounting software which covers data for one GST prescribed accounting period, to IRAS.
*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.
For More Information
Please Visit SPRING Singapore – http://www.spring.gov.sg
The scheme is effective from 1 Jul 2009. Businesses which are interested must fill in the application form, submit to IDA and await IDA’s reply BEFORE purchase of the accounting software. For more details of the application process, please refer to IDA.Tags: accounting software assistance scheme, accounting software singapore, GST Assistance Scheme