Businesses to enjoy tax savings one year in advance

Minister for Finance Tharman Shanmugaratnam decided to allow tax deferrals that will allow businesses to obtain cash in the same year as their investments.

According to his round-up speech, the government received feedback since the Budget. Some of the feedback said that SME's face an impediment in taking full advantage of the scheme because of cash flow problems. The PIC scheme provides SME's significant rewards later.

Minister for Finance Tharman Shanmugaratnam said that he will allow businesses to defer the taxes that they need to pay in the current year to the following year.

He said: "For up to $100,000 of qualifying PIC expenditures in the current year, businesses may defer the same quantum of tax to the next year. $100,000 caters to a very broad base of SMEs, when you talk about the types of investments or the types of training expenditures they intend to incur."

"This tax deferral allows businesses to effectively enjoy their tax savings under the PIC scheme one year in advance, if they so wish. It will apply to expenditures incurred for the year of assessment 2012 to the year of assessment 2015."

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