Calculate Your Benefits

Wage Credit Scheme (WCS)

You can calculate the Wage Credit you qualify for in the calendar years 2013-15 for up to 10 employee profiles (i.e. profile of wages over the next 3 years). For each employee profile, please enter the (1) number of employees under this profile, (2) number of months employed and (3) gross monthly wage OR total wages in the year of an employee under that profile over 2012 to 2015.

Gross monthly wage is defined as the total wage of the employee paid by the employer in the calendar year (including basic salary, overtime pay and bonuses) divided by the number of months of CPF contribution. A wage increase is defined as the increase in gross monthly wage given over the previous year.

For each wage increase given to receive WCS co-funding, it must be at least $50. Your employee must also have been employed by you for at least 3 months in the year of the wage increase, and be employed for at least 3 months in the preceding year, regardless of employer.




Employee Profile 1:
Qualifying Wage Increase: 
$0
Wage Credit Receivable For All Employees: 
$0
Qualifying Wage Increase: 
$0
Wage Credit Receivable For All Employees: 
$0
Qualifying Wage Increase: 
$0
Wage Credit Receivable For All Employees: 
$0

Note:

The Wage Credit calculator here is correct as of 5 April 2013. It is a simplified model to illustrate the concept of the WCS, and may not provide for all possible scenarios.

It may not correspond precisely to what you will be getting. For presentation purposes, the figures are rounded up to whole numbers.

It calculates Wage Credit from the gross monthly wage or total wages you have keyed in, whereas the actual Wage Credit is derived from the CPF contributions you make.

Please note that all employees must be Singapore Citizens, and are not self-employed (including sole-proprietors and partners of partnerships) or shareholders who are also directors of the company.

For more details on the WCS, including a more detailed downloadable calculator for Wage Credits, please refer to the IRAS website.




Productivity & Innovation Credit (PIC)

PIC Benefits

Business can enjoy 400% tax deductions/ allowances for up to $400,000 and/or 60% cash payout for up to $100,000 of qualifying expenditure in any of the six qualifying activities1 for Years of Assessment (YAs) 2013 to 2015. This $400,000 expenditure cap can be combined across YA 2013 to YA 2015, with a combined expenditure cap of $1.2 million. As announced in Budget 2014, the PIC scheme has been extended till YA 2018, and the $400,000 expenditure cap can be combined across YA 2016 to YA 2018.

PIC Bonus

Businesses that spend a minimum of $5,000 in a year on PIC qualifying expenditure will be eligible to receive a dollar-for-dollar matching PIC Bonus of up to $15,000 from YA 2013 to YA 2015. PIC Bonus will be provided on top of existing PIC benefits.

PIC+

Qualifying SMEs that incur qualifying expenditure in excess of the three-year combined expenditure cap of $1.2 million in any of the six activities will be eligible to enjoy the enhanced tax deductions on up to $600,000 instead of $400,000 under PIC with effect from YA 2015.

A qualifying SME is an entity which has annual revenue of not more than $100 million or employment size of not more than 200 workers. This criterion will be applied at the group level if the entity is part of a group.


Please refer to IRAS' website for more information.



- YA 2013 to YA 2015

YA 2013
Activity No. of
Items
Qualifying
Expenditure
 
Qualifying
Expenditure
to be Converted
into Cash
 
Amount of
Cash Payout
 
Amount of
Deductions from
Taxable Income
 

- Acquisition/ Leasing of qualifying equipment

$0

$0

Acquisition of qualifying equipment 1
 
$0
$0
Acquisition of qualifying equipment 2
 
$0
$0
Acquisition of qualifying equipment 3
 
$0
$0
Acquisition of qualifying equipment 4
 
$0
$0
Acquisition of qualifying equipment 5
 
$0
$0
Leasing of qualifying equipment
 
$0
$0

- Training

$0

$0

External courses/
accredited in-house courses
 
$0
$0
Unaccredited in-house courses   
$0
$0

+ Design

$0

$0

Approved Design  
$0
$0

+ Registration of IPR

$0

$0

Registration of IP 1
 
$0
$0
Registration of IP 2
 
$0
$0
Registration of IP 3
 
$0
$0
Registration of IP 4
 
$0
$0
Registration of IP 5
 
$0
$0

+ Acquisition/ In-licensing of IPR

$0

$0

 
Acquisition of IPR 1
 
$0
$0
Acquisition of IPR 2
 
$0
$0
Acquisition of IPR 3
 
$0
$0
Acquisition of IPR 4
 
$0
$0
Acquisition of IPR 5
 
$0
$0
In-Licensing of IPR
 
$0
$0

+ Research & Development

$0

$0

R & D (Singapore)  
$0
$0
R & D (Overseas)  
$0
$0
Total:
$0
$0
 
Max $60,000
PIC Bonus
$0
Cash Payout
$0
Tax Savings
$0
(Assume 17% Tax Rate)

 

YA 2014
Activity No. of
Items
Qualifying
Expenditure
 
Qualifying
Expenditure
to be Converted
into Cash
 
Amount of
Cash Payout
 
Amount of
Deductions from
Taxable Income
 

- Acquisition/ Leasing of qualifying equipment

$0

$0

Acquisition of qualifying equipment 1
 
$0
$0
Acquisition of qualifying equipment 2
 
$0
$0
Acquisition of qualifying equipment 3
 
$0
$0
Acquisition of qualifying equipment 4
 
$0
$0
Acquisition of qualifying equipment 5
 
$0
$0
Leasing of qualifying equipment
 
$0
$0

- Training

$0

$0

External courses/
accredited in-house courses
 
$0
$0
Unaccredited in-house courses   
$0
$0

+ Design

$0

$0

Approved Design  
$0
$0

+ Registration of IPR

$0

$0

Registration of IP 1
 
$0
$0
Registration of IP 2
 
$0
$0
Registration of IP 3
 
$0
$0
Registration of IP 4
 
$0
$0
Registration of IP 5
 
$0
$0

+ Acquisition/ In-licensing of IPR

$0

$0

 
Acquisition of IPR 1
 
$0
$0
Acquisition of IPR 2
 
$0
$0
Acquisition of IPR 3
 
$0
$0
Acquisition of IPR 4
 
$0
$0
Acquisition of IPR 5
 
$0
$0
In-Licensing of IPR
 
$0
$0

+ Research & Development

$0

$0

R & D (Singapore)  
$0
$0
R & D (Overseas)  
$0
$0
Total:
$0
$0
 
Max $60,000
PIC Bonus
$0
Cash Payout
$0
Tax Savings
$0
(Assume 17% Tax Rate)

YA 2015
Activity No. of
Items
Qualifying
Expenditure
 
Qualifying
Expenditure
to be Converted
into Cash
 
Amount of
Cash Payout
 
Amount of
Deductions from
Taxable Income
 

- Acquisition/ Leasing of qualifying equipment

$0

$0

Acquisition of qualifying equipment 1
 
$0
$0
Acquisition of qualifying equipment 2
 
$0
$0
Acquisition of qualifying equipment 3
 
$0
$0
Acquisition of qualifying equipment 4
 
$0
$0
Acquisition of qualifying equipment 5
 
$0
$0
Leasing of qualifying equipment
 
$0
$0

- Training

$0

$0

External courses/
accredited in-house courses
 
$0
$0
Unaccredited in-house courses   
$0
$0

+ Design

$0

$0

Approved Design  
$0
$0

+ Registration of IPR

$0

$0

Registration of IP 1
 
$0
$0
Registration of IP 2
 
$0
$0
Registration of IP 3
 
$0
$0
Registration of IP 4
 
$0
$0
Registration of IP 5
 
$0
$0

+ Acquisition/ In-licensing of IPR

$0

$0

 
Acquisition of IPR 1
 
$0
$0
Acquisition of IPR 2
 
$0
$0
Acquisition of IPR 3
Singapore Budget 2014 - Online Calculator
Calculate Your Benefits

Wage Credit Scheme (WCS)

You can calculate the Wage Credit you qualify for in the calendar years 2013-15 for up to 10 employee profiles (i.e. profile of wages over the next 3 years). For each employee profile, please enter the (1) number of employees under this profile, (2) number of months employed and (3) gross monthly wage OR total wages in the year of an employee under that profile over 2012 to 2015.

Gross monthly wage is defined as the total wage of the employee paid by the employer in the calendar year (including basic salary, overtime pay and bonuses) divided by the number of months of CPF contribution. A wage increase is defined as the increase in gross monthly wage given over the previous year.

For each wage increase given to receive WCS co-funding, it must be at least $50. Your employee must also have been employed by you for at least 3 months in the year of the wage increase, and be employed for at least 3 months in the preceding year, regardless of employer.




Employee Profile 1:
Qualifying Wage Increase: 
$0
Wage Credit Receivable For All Employees: 
$0
Qualifying Wage Increase: 
$0
Wage Credit Receivable For All Employees: 
$0
Qualifying Wage Increase: 
$0
Wage Credit Receivable For All Employees: 
$0

Note:

The Wage Credit calculator here is correct as of 5 April 2013. It is a simplified model to illustrate the concept of the WCS, and may not provide for all possible scenarios.

It may not correspond precisely to what you will be getting. For presentation purposes, the figures are rounded up to whole numbers.

It calculates Wage Credit from the gross monthly wage or total wages you have keyed in, whereas the actual Wage Credit is derived from the CPF contributions you make.

Please note that all employees must be Singapore Citizens, and are not self-employed (including sole-proprietors and partners of partnerships) or shareholders who are also directors of the company.

For more details on the WCS, including a more detailed downloadable calculator for Wage Credits, please refer to the IRAS website.




Productivity & Innovation Credit (PIC)

PIC Benefits

Business can enjoy 400% tax deductions/ allowances for up to $400,000 and/or 60% cash payout for up to $100,000 of qualifying expenditure in any of the six qualifying activities1 for Years of Assessment (YAs) 2013 to 2015. This $400,000 expenditure cap can be combined across YA 2013 to YA 2015, with a combined expenditure cap of $1.2 million. As announced in Budget 2014, the PIC scheme has been extended till YA 2018, and the $400,000 expenditure cap can be combined across YA 2016 to YA 2018.

PIC Bonus

Businesses that spend a minimum of $5,000 in a year on PIC qualifying expenditure will be eligible to receive a dollar-for-dollar matching PIC Bonus of up to $15,000 from YA 2013 to YA 2015. PIC Bonus will be provided on top of existing PIC benefits.

PIC+

Qualifying SMEs that incur qualifying expenditure in excess of the three-year combined expenditure cap of $1.2 million in any of the six activities will be eligible to enjoy the enhanced tax deductions on up to $600,000 instead of $400,000 under PIC with effect from YA 2015.

A qualifying SME is an entity which has annual revenue of not more than $100 million or employment size of not more than 200 workers. This criterion will be applied at the group level if the entity is part of a group.


Please refer to IRAS' website for more information.



- YA 2013 to YA 2015

YA 2013
Activity No. of
Items
Qualifying
Expenditure
 
Qualifying
Expenditure
to be Converted
into Cash
 
Amount of
Cash Payout
 
Amount of
Deductions from
Taxable Income
 

- Acquisition/ Leasing of qualifying equipment

$0

$0

Acquisition of qualifying equipment 1
 
$0
$0
Acquisition of qualifying equipment 2
 
$0
$0
Acquisition of qualifying equipment 3
 
$0
$0
Acquisition of qualifying equipment 4
 
$0
$0
Acquisition of qualifying equipment 5
 
$0
$0
Leasing of qualifying equipment
 
$0
$0

- Training

$0

$0

External courses/
accredited in-house courses
 
$0
$0
Unaccredited in-house courses   
$0
$0

+ Design

$0

$0

Approved Design  
$0
$0

+ Registration of IPR

$0

$0

Registration of IP 1
 
$0
$0
Registration of IP 2
 
$0
$0
Registration of IP 3
 
$0
$0
Registration of IP 4
 
$0
$0
Registration of IP 5
 
$0
$0

+ Acquisition/ In-licensing of IPR

$0

$0

 
Acquisition of IPR 1
 
$0
$0
Acquisition of IPR 2
 
$0
$0
Acquisition of IPR 3
 
$0
$0
Acquisition of IPR 4
 
$0
$0
Acquisition of IPR 5
 
$0
$0
In-Licensing of IPR
 
$0
$0

+ Research & Development

$0

$0

R & D (Singapore)  
$0
$0
R & D (Overseas)  
$0
$0
Total:
$0
$0
 
Max $60,000
PIC Bonus
$0
Cash Payout
$0
Tax Savings
$0
(Assume 17% Tax Rate)

 

YA 2014
Activity No. of
Items
Qualifying
Expenditure
 
Qualifying
Expenditure
to be Converted
into Cash
 
Amount of
Cash Payout
 
Amount of
Deductions from
Taxable Income
 

- Acquisition/ Leasing of qualifying equipment

$0

$0

Acquisition of qualifying equipment 1
 
$0
$0
Acquisition of qualifying equipment 2
 
$0
$0
Acquisition of qualifying equipment 3
 
$0
$0
Acquisition of qualifying equipment 4
 
$0
$0
Acquisition of qualifying equipment 5
 
$0
$0
Leasing of qualifying equipment
 
$0
$0

- Training

$0

$0

External courses/
accredited in-house courses
 
$0
$0
Unaccredited in-house courses   
$0
$0

+ Design

$0

$0

Approved Design  
$0
$0

+ Registration of IPR

$0

$0

Registration of IP 1
 
$0
$0
Registration of IP 2
 
$0
$0
Registration of IP 3
 
$0
$0
Registration of IP 4
 
$0
$0
Registration of IP 5
 
$0
$0

+ Acquisition/ In-licensing of IPR

$0

$0

 
Acquisition of IPR 1
 
$0
$0
Acquisition of IPR 2
 
$0
$0
Acquisition of IPR 3
 
$0
$0
Acquisition of IPR 4
 
$0
$0
Acquisition of IPR 5
 
$0
$0
In-Licensing of IPR
 
$0
$0

+ Research & Development

$0

$0

R & D (Singapore)  
$0
$0
R & D (Overseas)  
$0
$0
Total:
$0
$0
 
Max $60,000
PIC Bonus
$0
Cash Payout
$0
Tax Savings
$0
(Assume 17% Tax Rate)

YA 2015
Activity No. of
Items
Qualifying
Expenditure
 
Qualifying
Expenditure
to be Converted
into Cash
 
Amount of
Cash Payout
 
Amount of
Deductions from
Taxable Income
 

- Acquisition/ Leasing of qualifying equipment

$0

$0

Acquisition of qualifying equipment 1
 
$0
$0
Acquisition of qualifying equipment 2
 
$0
$0
Acquisition of qualifying equipment 3
 
$0
$0
Acquisition of qualifying equipment 4
 
$0
$0
Acquisition of qualifying equipment 5
 
$0
$0
Leasing of qualifying equipment
 
$0
$0

- Training

$0

$0

External courses/
accredited in-house courses
 
$0
$0
Unaccredited in-house courses   
$0
$0

+ Design

$0

$0

Approved Design  
$0
$0

+ Registration of IPR

$0

$0

Registration of IP 1
 
$0
$0
Registration of IP 2
 
$0
$0
Registration of IP 3
 
$0
$0
Registration of IP 4
 
$0
$0
Registration of IP 5
 
$0
$0

+ Acquisition/ In-licensing of IPR

$0

$0

 
Acquisition of IPR 1
 
$0
$0
Acquisition of IPR 2
 
$0
$0
Acquisition of IPR 3
 
$0
$0
Acquisition of IPR 4
 
$0
$0
Acquisition of IPR 5
 
$0
$0
In-Licensing of IPR
 
$0
$0

+ Research & Development

$0

$0

R & D (Singapore)  
$0
$0
R & D (Overseas)  
$0
$0
Total:
$0
$0
 
Max $60,000
PIC Bonus
$0
Cash Payout
$0
Tax Savings
$0
(Assume 17% Tax Rate)

+ YA 2016 to YA 2018

Note:
The calculator above estimates your benefits under the Productivity and Innovation Credit (PIC) scheme (including PIC Bonus and PIC+). It is meant only to illustrate the general concept of the schemes and provide a sense of benefits you may derive under the schemes. It is not intended to substitute your actual tax computation. For simplicity, background assumptions have been made and the estimated amount may not correspond to your entitlement. Businesses are advised to refer to IRAS' website for further details (http://iras.gov.sg).

1 Six qualifying activities: Acquisition/ Leasing of IT and automation equipment; Design Projects (approved by DesignSingapore Council); Training of Employees; Acquisition and In-licensing of Intellectual Property Rights; Research & Development Activities; Registration of Intellectual Property

Corporate Income Tax (CIT) Rebate

From Year of Assessment (YA) 2013 to YA 2015, companies will be given a 30% CIT rebate capped at $30,000 per YA.

YA 2013
Rebate:
$0
YA 2014
Rebate:
$0
YA 2015
Rebate:
$0

Note:
The calculator above estimates your benefits from the CIT rebate. It is meant only to illustrate the general concept of the scheme and provide a sense of benefits you may derive. The estimated figures for CIT rebate are not intended to substitute your actual tax computation. For simplicity, background assumptions have been made and the estimated amount may not correspond to your entitlement. Companies are advised to refer to IRAS' website for further details (http://www.iras.gov.sg).

Calculate Your Benefits

  20131 20141 20151
(A) Wage Credit Scheme
$0
$0
$0
(B) PIC Benefits
(i) PIC Enhanced Tax Deductions OR
$0
$0
$0
(ii) PIC Cash Payout
$0
$0
$0
(iii) PIC Bonus
$0
$0
$0
(C) CIT Rebate
$0
$0
$0
        Total
Total per year
$0
$0
$0
$0
  20161 20171 20181
(A) PIC Benefits  
(i) PIC Enhanced Tax Deductions OR
$0
$0
$0
(ii) PIC Cash Payout
$0
$0
$0
        Total
Total per year
$0
$0
$0
$0

Note:
The calculator above estimates your benefits from the WCS, PIC scheme (including PIC Bonus and PIC+) and CIT rebate. It is meant only to illustrate the general concept of the schemes and provide a sense of benefits you may derive. The estimated figures for CIT rebate and PIC cash conversion and tax deduction/allowance are not intended to substitute your actual tax computation. For simplicity, background assumptions have been made and the estimated amount may not correspond to your entitlement. Businesses are advised to refer to IRAS' website for further details (http://www.iras.gov.sg).

1 Only payouts under the Wage Credit Scheme are calculated on a calendar year basis. PIC benefits and CIT Rebate are calculated on a Year of Assessment basis.









Last updated on 10 Apr 2014

 
Privacy Statement | Terms of Use

MOF logo  © 2017 Government of Singapore


                  Best viewed using IE 11, Firefox 27, Chrome 22, and Safari 7 and above, screen resolution 1024 x 768